Barclays upgraded Newmont to Overweight from Equal Weight with a price target of $61, down from $62. The stock has underperformed peers since the start of 2023 and now trades well below its three-year valuation average, the analyst tells investors in a research note. While there are still issues including a strike at Penasquito and project resequencing, there is still see scope for value creation from the Newmont-Newcrest asset mix, the analyst tells investors in a research note.
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