Argus cuts Newmont to Hold on murkly EPS outlook, limited gold price upside

As previously reported, Argus downgraded Newmont to Hold from Buy. Given the global economic uncertainty, the wars in Ukraine and the Middle East, and inflation, gold – already trading near the top of its five-year range – is likely to remain in demand, though gold prices may not move substantially above the recent levels, and the outlook for Newmont’s EPS is “murky”, the analyst tells investors in a research note. The low valuations for Newmont reflect the unclear growth track for the company and the stock is deserving a neutral stance, Argus added.