US stock futures dip as Nvidia earnings spark little cheer
Investing.com - Raymond (NSE:RYMD) James has raised its price target on Newmont Mining Corp. (NYSE:NEM) to $67.00 from $66.00 while maintaining an Outperform rating on the stock. The mining giant’s shares, currently trading at $60.06, have shown remarkable strength with a 63% gain year-to-date. According to InvestingPro, the stock is trading near its 52-week high of $60.31.
The firm updated its forecasts for Newmont following the end of the quarter, adjusting for second-quarter commodity prices and recent asset sales by the gold mining company.
Raymond James notes that Newmont’s second-quarter results will include some production from non-core assets such as Akyem and Porcupine, though this production will be "down substantially quarter-over-quarter."
The company is expected to report approximately $0.85 billion in total after-tax cash proceeds from these asset sales as well as from the sale of some equity investments during the second quarter.
Raymond James also cautions that Newmont’s second-quarter all-in sustaining costs (AISC) could be impacted by higher sustaining capital expenditures, while cash flow might be affected by increased reclamation spending.
In other recent news, Newmont Corporation reported impressive financial results for Q1 2025, significantly surpassing analysts’ expectations. The company achieved earnings per share of $1.25, well above the forecasted $0.88, and actual revenue reached $5.01 billion, exceeding the anticipated $4.57 billion. Newmont generated a record free cash flow of $1.2 billion, attributed to higher-than-expected sales and favorable pricing conditions. Following these results, BMO Capital Markets raised Newmont’s stock price target to $64, maintaining an Outperform rating, reflecting confidence in the company’s performance. Additionally, Newmont completed a major divestment program, adding $2.5 billion in net cash, which has strengthened its balance sheet. The company has been proactive in returning capital to shareholders, repurchasing $407 million worth of stock in April alone. In leadership developments, Newmont appointed Natascha Viljoen as President and COO, a strategic move following the integration of Newcrest into its portfolio.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.