Newmont (NEM) remains inexpensive on a historical basis, with a +$150 price target easily justifiable with gold trading above $US4,000. A strong result in July pushed the stock to a three-year high, supported by a whopping quarterly free cash flow of US$1.7 billion. After surging +70% from its June low, a pullback shouldn’t surprise, but similar to SFR, we believe it’s one to buy.
- At this stage, we remain keen buyers of NEM in the $120 region.
MM is bullish towards NEM into 2026
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