Jefferies analyst Fahad Tariq has maintained their bullish stance on NEM stock, giving a Buy rating on April 20.
Fahad Tariq’s rating is based on Newmont Mining’s strong financial performance in the first quarter of 2025, where the company exceeded expectations in earnings per share, EBITDA, and free cash flow. This was largely due to higher realized gold prices and lower cash costs, along with reduced sustaining capital expenditures. The company is on track to meet its 2025 guidance, and there is potential for an increase in the share buyback program, which currently stands at $3 billion.
Moreover, Newmont Mining’s production levels were in line with estimates, but revenue surpassed expectations due to higher gold prices and copper volumes. The company ended the quarter with a strong cash position, which supports further share buybacks and debt reduction. These factors, combined with the expectation of higher production and lower costs in the latter half of the year, contribute to the Buy rating. The valuation remains attractive with an unchanged price target based on favorable price-to-net-asset-value and enterprise value-to-EBITDA multiples.
According to TipRanks, Tariq is ranked #2018 out of 9371 analysts.
In another report released on April 20, Bank of America Securities also maintained a Buy rating on the stock with a $70.00 price target.