Argus keeps a Buy rating and $50 price target on Newmont while noting that the firm expects gold to remain in demand given the global economic uncertainty, the wars in Ukraine and the Middle East, and inflation. Newmont’s balance sheet is clean, and Argus also likes the stock’s current yield of about 4.0%, while on valuation, its price to earnings ratio is below the historical average, the analyst tells investors in a research note.
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