Scotiabank upgraded Newmont (NEM) to Outperform from Sector Perform with a price target of $114, up from $71.50. The firm cites its higher gold price forecasts for the upgrade. Newmont should see better operating performance as a result and the stock’s valuation is still attractive, the analyst tells investors in a research note. Scotiabank increased its gold price forecast to $3,450 and $3,800 per ounce for 2025 and 2026, respectively.
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