On October 16, Newmont Mining rose 3.09% in Regular Trading, trading at $119.52 per share, with turnover of $184 million.
The move was accompanied by strength across gold miners as bullion prices broke above $4,370, while analysts also turned more constructive ahead of the company’s October 22 post-market earnings release.
Recent analyst actions added support: Bernstein raised its price target to $150 from $144, while the stock’s average rating remained overweight and the mean target stood near $139.47. Earlier target increases from Jefferies, RBC Capital, BMO Capital, Macquarie, Goldman Sachs and BofA also point to improving sell-side sentiment.
Earnings expectations provided additional backing. Consensus points to quarterly revenue of $6.254 billion, adjusted EPS of $2.09 and EBIT of $2.985 billion, implying year-over-year growth of 20.66%, 45.74% and 28.10%, respectively, with investors focused on production recovery and cost execution.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)