Raymond James Lifts Newmont (NEM) Price Target, Keeps Outperform Rating

Newmont Corporation (NYSE:NEM) is one of the 11 Best Gold Stocks to Buy According to Hedge Funds. On October 10, Raymond James analyst Brian MacArthur increased the firm’s price target on Newmont Corporation (NYSE:NEM) from $84 to $96 while maintaining an Outperform rating.

This decision to raise the price target on Newmont Corporation (NYSE:NEM) reflects an increase in gold and silver price forecasts, both for the short term and the long term. The firm has based this on the solid year-to-date performance and ongoing uncertainty in the economy and politics.

Raymond James Lifts Newmont (NEM) Price Target, Keeps Outperform Rating

The analyst also expects operating and incentive costs to rise due to increased pricing for reserves and resources.

Newmont Corporation (NYSE:NEM) is a gold mining company that also produces copper, zinc, lead, and silver. It is one of the largest gold mining companies in the world.

While we acknowledge the potential of NEM as an investment, 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 a 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 15 Best American Tech Stocks to Buy Right Now and 10 Most Profitable Stocks of the Last 5 Years.

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