Newmont upgraded to Buy from Neutral at UBS

UBS upgraded Newmont (NEM) to Buy from Neutral with a price target of $60, up from $50. The firm notes that just like in prior macro shocks like GFC and COVID, gold and gold stocks were initially sold off on margin calls and “equity de-grossing”, but then rallied, the analyst tells investors in a research note. Newmont has underperformed the gold price and the goldmining ETF GDX by about 40% over the past 5 years, which has resulted in a valuation de-rating, but the firm believes that its 2025 guidance looks achievable and will drive positive operational momentum against low expectations. UBS adds.