Gains in gold and an uncertain macro backdrop could drive even more gains for Newmont , according to UBS. The firm upgraded the mining stock to buy from neutral and raised its price target to $60 per share from $50. UBS’ forecast implies nearly 18% upside from Thursday’s close. Newmont has soared 37% in 2025 as the price of gold soars to record highs. Gold futures are up more than 22% year to date, trading above $3,200 per ounce. Bullion is viewed as a hedge against inflation, and has historically been a haven for investors in times of macroeconomic uncertainty. “Consistent with previous major macro shocks (e.g., GFC & Covid) gold & gold equities were initially sold (margin calls/equity de-grossing) and are now rallying,” wrote analyst Daniel Major. “NEM has underperformed the gold price … over the last 5yrs, resulting in valuation de-rating.” “Looking forward in our view 2025 guidance looks achievable and will drive positive operational momentum vs low expectations; consensus gold price upgrades should drive positive earnings momentum, material cash returns in 2025 are supportive and should be sustainable in 2026,” Major added. NEM YTD mountain Newmont stock in 2025. Shares were up 3% in the premarket after the upgrade. Analysts are mostly bullish on the stock. LSEG data shows that of the 19 who cover it, 12 have a buy or strong buy rating. The average analyst price target implies upside of 12%. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
