Citigroup Lowers Newmont Price Target to C$45.00

Citigroup has recently revised its price target for shares of Newmont Corporation (TSE:NGT). In a research report released on Monday, analysts at Citigroup lowered their price target from C$66.00 to C$45.00. Despite this significant decrease in price target, the brokerage has maintained a "buy" rating on the stock.

The new price target implies an expected downside of approximately 18.09% from Newmont's previous closing price. Investors should take note that other financial institutions are also reacting to Newmont's stock. For instance, CLSA recently upgraded the company's rating to "hold" on November 29th. Conversely, Scotiabank downgraded Newmont from a "strong-buy" rating to a "hold" on October 25th. Similarly, CIBC World Markets and UBS Group both changed their ratings to "hold" from "strong-buy" in late October. On the other hand, Argus raised its rating from "hold" to "strong-buy" back in August.

Overall, the consensus from five investment analysts currently shows that Newmont has a mix of ratings. While five analysts have a "hold" rating, one assigned a "buy" rating, and two gave the company a "strong buy" rating. According to data from MarketBeat.com, Newmont holds an average rating of "Moderate Buy" with a consensus target price set at C$56.50.

Recent Stock Performance

On Monday, Newmont's stock saw a slight decline of C$0.18, bringing its price to C$54.94. The trading volume reached 128,772 shares, which is lower than its average volume of 212,205 shares. Over the past twelve months, Newmont's stock has experienced a low of C$39.96 and a high of C$81.16. The company's market capitalization stands at C$63.18 billion with a price-to-earnings (P/E) ratio of -14.50. Furthermore, it has a debt-to-equity ratio of 31.20, alongside a current ratio of 2.11 and a quick ratio of 1.77. The stock's fifty-day and 200-day moving averages are currently at C$63.60 and C$65.00, respectively.

Newmont recently reported its quarterly earnings on October 23rd, stating earnings per share (EPS) of C$1.11, which exceeded the consensus estimate of C$1.07 by C$0.04. However, the company also reported a negative net margin of 13.29% and a negative return on equity of 8.09%. The revenue for the quarter was C$6.28 billion, exceeding analysts' expectations of C$5.79 billion. Analysts project that Newmont will achieve an EPS of approximately 5.51 for the current year.

Company Overview

Newmont Corporation primarily engages in the production and exploration of gold. Additionally, the company explores for other valuable metals such as copper, silver, zinc, and lead. Newmont operates and possesses assets across various countries, including the United States, Canada, Mexico, and several others worldwide.

Citigroup, Newmont, Stock