Goldman Sachs upgraded Newmont (NEM) to Buy from Neutral with a price target of $104.30, up from $77.30. The firm cites valuation for the upgrade following the stock’s recent underperformance. Newmont’s production growth, free cash flow yield and capital management support its outlook, offering 21% upside potential in the shares, the analyst tells investors in a research note. Goldman adds that the company trades at a discount versus its peer.
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