Newmont price target raised to $65 from $50 at UBS
The Fly

Newmont price target raised to $65 from $50 at UBS

UBS raised the firm’s price target on Newmont to $65 from $50 and keeps a Buy rating on the shares. Newmont is the firm’s preferred large cap gold miner, as it believes FY24 guidance is achievable and it expects more catalysts from $2B-$4B of divestments over the next 12 months to accelerate deleveraging and cash returns, the analyst tells investors in a research note. Following the divestments, UBS believes Newmont will have one of the best portfolios in the industry consisting of predominantly large long-life assets in low risk jurisdictions and attractive brownfield growth projects, and continues to expect positive momentum from divestments, increasing free cash flow, and cash returns in the second half of 2024.

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