UBS upgraded NEM to "buy" and hiked its price target to $60
Amid President Donald Trump’s sweeping tariff plans, gold stocks have become a hot commodity. One standout is Newmont Corporation (NYSE:NEM), which is surging today -- last seen up 7.6% at $54.80 -- after UBS upgraded the gold producer to “buy” from “neutral.” The brokerage also boosted its price target to $60 from $50, citing an “incrementally more supportive” macro environment for gold and noting Newmont’s strong cash returns.
Today’s pop extends an already impressive run. NEM is up 36.9% year to date and is on pace for its fifth-straight daily gain, as well as its fifth weekly win in the last six weeks. The stock is now trading at its highest level since October 2024, though the $54 level appears to be acting as short-term resistance.
Despite the strong technical setup, sentiment still has room to improve. Eight of the 18 analysts covering Newmont stock maintain a “hold” or worse rating. Continued strength could pressure these skeptics to upgrade their outlook, potentially adding fuel to the stock’s rally as Wall Street catches up to the price action.