Newmont upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Newmont (NEM) to Overweight from Neutral with a price target of A$87.50, up from A$74. As gold prices continue to scale record highs, forward curves are up 10%-14% to 2028, the analyst tells investors in a research note. The firm says “haven buying,” de-dollarization and real yield tailwinds keep it positive on the backdrop, with limited risks to a downside correction. It upgrades Newmont to reflect the current backdrop.