Raymond James Lifts Newmont (NEM) Price Target, Keeps Outperform Rating

Newmont Corporation (NYSE:NEM) is one of the 11 Best Gold Stocks to Buy According to Hedge Funds. On October 10, Raymond James analyst Brian MacArthur increased the firm’s price target on Newmont Corporation (NYSE:NEM) from $84 to $96 while maintaining an Outperform rating.

This decision to raise the price target on Newmont Corporation (NYSE:NEM) reflects an increase in gold and silver price forecasts, both for the short term and the long term. The firm has based this on the solid year-to-date performance and ongoing uncertainty in the economy and politics.

The analyst also expects operating and incentive costs to rise due to increased pricing for reserves and resources.

Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.

While we acknowledge the potential of NEM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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