Newmont price target raised to $66 from $63 at Raymond James

Raymond James raised the firm’s price target on Newmont (NEM) to $66 from $63 and keeps an Outperform rating on the shares following the Q1 results and 2025 outlook. Newmont’s Q2 free cash flow is expected to be adversely impacted by the divestment of the non-core assets, higher tax payments related to increased profitability in previous periods and taxes from the divestments, higher planned development capital at Ahafo North and Cadia, and the continued ramp-up of spending on construction of the Yanacocha water treatment facilities, the analyst tells investors in a research note.