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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NEM:
- Newmont exercises top-up rights to purchase additional Metallic Minerals shares
- Could Greatland Gold (GGP) Stock See a Turnaround?
- Early notable gainers among liquid option names on September 12th
- Newmont Telfer & Havieron consideration beats expectation, says Jefferies
- Newmont sells Telfer and Havieron for up to $475M