Macquarie Analysts Say Newmont’s (NEM) Recent Gains Fulfill Investment Thesis

Newmont Corporation (NYSE:NEM) ranks among the best performing S&P 500 stocks in the last 3 months. On September 2, Macquarie lowered its rating of Newmont Corporation (NYSE:NEM) from Outperform to Neutral, with a $72 price target. The downgrade came as the mining behemoth beat its contemporaries in the gold mining industry by a significant margin.

According to Macquarie, Newmont Corporation recently finished a number of strategic stages, such as renationalizing its portfolio, selling off non-core assets, stabilizing its operations, and integrating the NCM business.

Photo by Ricardo Gomez Angel on Unsplash

Due to portfolio diversification and reduced guidance risk than rivals, Macquarie had upgraded Newmont Corporation in late June. However, the stock’s recent outperformance has prompted Macquarie to conclude that the investment thesis has been satisfied.

Newmont Corporation, headquartered in Denver, Colorado, is a key player in gold mining. The company’s broad portfolio comprises world-class gold and copper assets in North and South America, Australia, and Africa.

READ NEXT: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds.

This article is originally published at Insider Monkey.