BMO Capital Remains a Buy on Newmont Corporation (NEM) With a $69 PT

Newmont Corporation (NYSE:NEM) is one of the most profitable gold stocks to buy right now. BMO Capital analyst Matt Murphy maintained a Buy rating on Newmont Corporation (NYSE:NEM) on July 24, setting a price target of $69.00.

Why Newmont Corporation (NEM) Crashed On Friday

A gold mine entry with a conveyor belt transporting minerals from the depths of a shaft.

The analyst based the rating on the company’s strategic initiatives and solid financial performance, stating that Newmont Corporation (NYSE:NEM) reported a notable free cash flow beat for the second consecutive quarter. He attributed this performance to higher-than-expected production, pricing, sales, and lower unit costs.

Murphy further reasoned that Newmont Corporation (NYSE:NEM) announced a significant $3 billion share buyback program, which is expected to boost shareholder value. The company also has diversified operations and a conservative strategy, which makes it an attractive investment opportunity in the mining sector, according to the analyst.

Newmont Corporation (NYSE:NEM) explores and acquires gold properties containing silver, copper, lead, zinc, or other metals. Its operations are divided into the following geographical segments: Canada, Mexico, Suriname, Argentina, Peru, Australia, Papua New Guinea, Ghana, and the US.

While we acknowledge the potential of NEM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NEM and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.