NEM
Wall Street’s gold rush isn’t over
Canaccord Genuity just lifted its price target on Newmont to $150 from $140 and stuck with a Buy rating. In other words: the analysts saw the shiny stuff and decided it deserved a bigger number.
Why you should care
Newmont isn’t just getting a prettier target price because someone was in a good mood. The note comes after the company posted a beefy quarter, with $2.52 in EPS versus $1.81 expected and $6.82 billion in revenue against $6.18 billion projected. That’s the kind of beat that makes analysts lean in instead of reaching for the mute button.
For investors, this matters because Newmont is now sitting in that awkward-but-fun zone where the stock has already had a run, but the Street still thinks there’s more room. Canaccord’s new target implies roughly 28.8% upside from the current price, which is a pretty loud way of saying, “we’re not done here.”
The bigger picture
The gold trade has been enjoying its moment in the sun, and Newmont is one of the biggest names riding that wave. Add in a moderate-buy analyst backdrop and a strong earnings print, and you get a setup where every new target price becomes a fresh talking point.
Big picture: when a major analyst lifts the ceiling on a gold miner right after a strong quarter, investors tend to notice — even if the stock has already been working overtime.