Newmont assumed at Buy from Hold at Jefferies

Jefferies upgraded Newmont to Buy from Hold with a price target of $38, up from $34, as the analyst assumed lead coverage. The analyst started coverage on the North American gold mining and streaming sector with a positive view. Despite high real rates and falling inflation, gold has been supported near all-time highs by foreign central bank buying and a slowing global economy could serve as the next tailwind, while equities have detached from the near-record gold prices and sit at “discounted levels,” says the analyst, who thinks miner margin expansion can soon resume.