Macquarie Analysts Say Newmont's (NEM) Recent Gains Fulfill Investment Thesis

Newmont Corporation (NYSE:NEM) ranks among the best performing S&P 500 stocks in the last 3 months. On September 2, Macquarie lowered its rating of Newmont Corporation (NYSE:NEM) from Outperform to Neutral, with a $72 price target. The downgrade came as the mining behemoth beat its contemporaries in the gold mining industry by a significant margin.

According to Macquarie, Newmont Corporation (NYSE:NEM) recently finished a number of strategic stages, such as renationalizing its portfolio, selling off non-core assets, stabilizing its operations, and integrating the NCM business.

Due to portfolio diversification and reduced guidance risk than rivals, Macquarie had upgraded Newmont Corporation (NYSE:NEM) in late June. However, the stock’s recent outperformance has prompted Macquarie to conclude that the investment thesis has been satisfied.

Newmont Corporation (NYSE:NEM), headquartered in Denver, Colorado, is a key player in gold mining. The company’s broad portfolio comprises world-class gold and copper assets in North and South America, Australia, and Africa.

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Disclosure: None. This article is originally published at Insider Monkey.