Macquarie Downgrades Newmont Corporation (NEM) But Asserts Long-Term Prospects

Newmont Corporation (NYSE:NEM) is one of the best American mining stocks to buy now. The stock has outperformed its peers on rallying by more than 30% over the past three months. Despite its strong performance, Macquarie downgraded the stock from ‘Outperform’ to ‘Neutral’ on September 2, setting a price target of $72.00.

Macquarie Downgrades Newmont Corporation (NEM) But Asserts Long-Term Prospects

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Macquarie highlighted Newmont’s recent strategic milestones, including the integration of NCM, portfolio renationalization, asset divestments, and operational stabilization. These moves have shaped a diversified portfolio of 11 active sites and three development projects across multiple regions.

While Macquarie upgraded Newmont in June, citing reduced guidance risk and strong diversification, the firm now sees the stock’s recent rally as having fully priced in those advantages, prompting a reassessment of its investment stance.

Newmont Corporation (NYSE:NEM) is the world’s leading gold company, also producing copper, silver, zinc, and other metals. The company operates a global portfolio of mines and projects spanning Africa, Australia, North America, Papua New Guinea, and Latin America & the Caribbean.

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