10 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

04. Newmont Corporation (NYSE:NEM)

Price Reaction after the Upgrade: +0.88(+2.15%) 

On June 17, UBS analyst Daniel Major upgraded Newmont Corporation (NYSE:NEM), a leading company in the mining industry, from “Neutral” to “Buy”, raising the price target from $40 to $50. This upgrade is based on Major’s bullish outlook on gold prices, which he forecasts to be about 30% higher than the current consensus for 2025. This positive outlook is expected to result in consensus earnings upgrades, with UBS’s estimated EBITDA for Newmont Corporation (NYSE:NEM) in 2025 being over 30% higher than market expectations. The upgrade follows a period of underperformance by Newmont Mining, which has lagged behind both the gold price and its peers by around 60% since 2019. This underperformance was largely due to Newmont Corporation (NYSE:NEM) historical challenges in meeting its own guidance. However, UBS now believes that Newmont Corporation (NYSE:NEM) guidance is achievable, potentially generating positive operational momentum and shifting the currently skeptical investor sentiment. Additionally, UBS anticipates that Newmont Corporation (NYSE:NEM) will undertake significant divestments, estimated between $2 billion to $4 billion over the next 12 months. These sales are expected to expedite the company’s deleveraging process and enhance cash returns to shareholders. Strategically, these divestments will help streamline Newmont Corporation (NYSE:NEM) operations, positioning it with one of the most attractive portfolios in the industry. Post-divestment, Newmont is expected to have predominantly large, long-life assets in low-risk jurisdictions, along with appealing brownfield growth projects. Following the upgrade, Newmont Corporation (NYSE:NEM) stock price rose by 2.15%, indicating a positive market reaction to the improved outlook and strategic initiatives highlighted by UBS.