Argus analyst John Eade upgraded Newmont to Buy from Hold with a $58 price target. Given global economic uncertainty, the wars in Ukraine and the Middle East, and inflation, gold – which is already trading near the top of its five-year range – is likely to remain in demand, the firm tells investors in a research note. Argus adds that the stock trades at a “low” 14-times expected forward earnings multiple – the low end of the historical range of 12- to 22-times, while its current dividend yield of 1.9% is further signaling value as it is substantially higher than the S&P 500 yield.
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