Of the 20 analysts covering Newmont Mining (NEM), nine have issued “buy” recommendations, ten have issued “hold” recommendations, and one has issued a “sell” recommendation on the stock.
Target price changes
Analysts have given the company a consensus target price of $46.7, compared to its current market price of $42.4. This implies an upside potential of 10%.
In keeping with the company’s share price appreciation to date, analysts have raised their consensus target price for the stock by 103% since the start of the year.
Upgrades and downgrades
Morgan Stanley initiated coverage of Newmont Mining on August 9, 2016, with an “equal-weight” rating and a target price of $41. Morgan Stanley believes that like Barrick Gold (ABX), most of Newmont’s positives are already reflected in its strong share price appreciation year-to-date.
Citigroup (C) reiterated its “buy” rating for the stock on August 18. It has a target price of $51 on the stock.
Credit Suisse (CS) has an “outperform” rating on Newmont with a target price of $51. The broker believes that the company’s project pipeline is better than expected. Newmont is its top pick, mainly due to the company’s “operational consistency, attractive relative valuation and strong track record of adding to its net asset value.”