Newmont downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Newmont (NEM) to Sector Perform from Outperform with a price target of $55, down from $59. High-level 2025 operating guidance provided on the conference call was weaker than expected and resulted in the shares being down about 15%, notes the analyst, who believes Newmont shares still face some headwinds in the short term despite the sharp decline in the share price. The firm believes this uncertainty will weigh on the shares until further information is provided, likely in 2025, the analyst added.