Stifel initiated coverage of Newmont (NEM) with a Buy rating and $73 price target The firm, which has a “tactical” gold price target of $3,800/oz on a six to twelve month view, argues that gold equities can “go much higher” compared to the price of gold and S&P 500. On copper, which the firm says is “under-owned,” it advises increased exposure to take advantage of heightened supply stresses and estimates the incentive copper price is $5.00/lb.
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