Newmont price target lowered to $36 from $40 at TD Securities

TD Securities analyst Greg Barnes lowered the firm’s price target on Newmont to $36 from $40 and keeps a Hold rating on the shares. The analyst believes a lot of the strategy update and guidance provided by the company with its Q4 results and 2024 guidance was as expected. Newmont’s medium-term outlook to 2028 is encouraging, but 2024 is a low base with two large core assets – Penasquito and Boddington – underperforming this year as they move through higher stripping phases, the analyst tells investors in a research note.