Newmont (NEM) Stock Surges After Major Price Target Increases from Top Analysts

Key Takeaways

• Citi maintained its Buy rating while increasing NEM’s price target from $118 to $150
• Bernstein upgraded NEM shares to Outperform from Market Perform, boosting the target from $121 to $157 based on positive gold market trends
• The company has exceeded earnings expectations for four consecutive quarters, with Q4 delivering a +24.14% EPS beat
• Fiscal year consensus EPS projection stands at $8.65, representing a 25.5% increase year-over-year
• NEM shares posted a +0.8% gain over the past month while the S&P 500 declined 2.7% during the same timeframe

Newmont’s attributable gold mineral reserves decreased to 118.2 million ounces by the end of 2025, compared to 134.1 million ounces in the previous year, primarily attributed to asset divestments. However, the mining giant maintains substantial holdings of 12.5 million tonnes in copper reserves and 442 million ounces in silver reserves.

Newmont Corporation, NEM

During the fourth quarter, Newmont delivered revenues totaling $6.82 billion, marking a 20.6% increase compared to the prior-year period. The company reported earnings per share of $2.52, significantly higher than the $1.40 recorded in the same quarter last year.

Both metrics exceeded Wall Street projections. The revenue figure surpassed the analyst consensus of $6.06 billion by 12.58%, while earnings per share beat forecasts by 24.14%.

This marks the fourth consecutive quarter where the company has outperformed consensus EPS projections. Revenue estimates have similarly been exceeded throughout this entire period.

Analysts project Q1 EPS of $1.91, representing a 52.8% increase from the corresponding quarter in the previous year. This consensus forecast has been revised upward by 10.4% in the last 30 days.

For the complete fiscal year, the consensus EPS forecast is positioned at $8.65, indicating 25.5% year-over-year expansion. This projection has seen an 11.2% upward revision over the past month.

Wall Street Target Price Revisions

Citi announced on March 3 that it was raising its price objective on NEM from $118 to $150, while reaffirming its Buy recommendation.

Bernstein made its move earlier, on February 27, elevating the stock from Market Perform to Outperform status and increasing its price target from $121 to $157.

Bernstein cited an optimistic outlook for gold prices as the primary catalyst. The research firm also highlighted the appointment of a new CEO with a defined strategic vision, what it described as realistic guidance targets, and enhanced relations with Newmont’s primary joint venture collaborator.

Investment Rating and Valuation Analysis

Zacks has assigned NEM a #1 Strong Buy rating. This ranking reflects the magnitude and trajectory of recent earnings estimate adjustments.

From a valuation perspective, Newmont receives a C grade within the Zacks Value Style Score framework, indicating the shares are trading at levels comparable to industry peers — neither undervalued nor overextended.

During the last month, NEM delivered a +0.8% return, contrasting with the S&P 500’s 2.7% decline. The broader Zacks Mining – Gold sector advanced 4.6% during this same period.

Analysts anticipate current quarter revenues of $5.87 billion, which would represent a 17.2% year-over-year expansion. Full-year revenue projections are set at $24.01 billion and $27.65 billion for fiscal years 2025 and 2026, respectively.

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