10 Most Profitable Undervalued Stocks to Buy

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 74

Forward PE: 12.15x

ROE: 22.84%

On February 4, 2026, CIBC raised its price target on Newmont Corporation (NYSE:NEM) to $177 from $112 and reiterated an Outperformer rating. The move came as CIBC lifted price targets across its precious metals coverage after raising its gold price forecast to $6,000 per ounce in 2026 and $6,500 in 2027, while also increasing copper assumptions. The firm said many of the demand drivers seen in 2025 are expected to persist into 2026.

Other analysts have taken a similar view in recent weeks. On January 30, 2026, UBS raised its price target on Newmont Corporation (NYSE:NEM) to $160 from $125 and kept a Buy rating.

Earlier, on January 26, 2026, Scotiabank lifted its price target to $152 from $114 while maintaining an Outperform rating. The firm said it was updating targets across its Gold and Precious Minerals coverage after raising both gold and silver forecasts. Scotiabank cited ongoing economic uncertainty, geopolitical risks, and continued central bank buying as key factors supporting higher long-term metal prices.

Newmont Corporation (NYSE:NEM) is one of the world’s largest gold producers, with operations spanning North America, Latin America, Australia, Africa, and parts of Asia-Pacific. In addition to gold, the company has exposure to copper, silver, zinc, lead, and other metals, giving it leverage to multiple commodity markets.