UBS Lifts Newmont (NEM) Target to $92, Maintains Buy Amid Portfolio Optimization

Newmont Corp. (NYSE:NEM) is one of the best precious metals stocks to buy now. On September 19, Daniel Major, an analyst at UBS, increased the price target on the company’s stock substantially to $92 from $70, while maintaining his Buy rating. This increase is a part of a series of reviews of its precious metals coverage undertaken by analysts at UBS.

On the same day, Newmont also announced the divestment of its entire stake in Orla Mining Ltd. The company sold approximately 43 million shares (~13.3% stake), listed on the Toronto Stock Exchange, for a consideration of $439 million (approximately C$605 million). Earlier, on September 9, Agnico Eagle Mines Ltd. (NYSE:AEM) had also monetized its stake in Orla Mining by selling its 11.3% stake or ~38 million shares for a total consideration of C$560.5 million.

Earlier, on September 15, the company informed stakeholders that it would sell its Coffee Project in Yukon, Canada, to Fuerte Metals Corporation for up to $150 million, with the expectation of closing the deal in the fourth quarter of 2025.

Tom Palmer, the company’s CEO, said that the decision to sell was driven by better capital allocation opportunities elsewhere as well as the company’s effort to focus on its core assets. Management had announced its plans to streamline the portfolio the previous year and has since implemented several strategic decisions for its non-core assets.

Newmont Corp. (NYSE:NEM) is the world’s largest gold producer. The company also produces copper, silver, zinc, and lead, with a portfolio of mines and projects spanning North America, South America, Australia, and Africa.

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