Newmont upgraded to Buy at TD Securities following 20% correction

TD Securities upgraded Newmont to Buy from Hold with an unchanged price target of $55 following a 20% correction in the share price over the past month. Newmont is "highly confident" that it will deliver its Ahafo North and Tanami Expansion 2 projects on time and in line with its revised budgets, said the firm, which adds that 2023 and 2024 are expected to be peak capex years.