Scotiabank, Citi, and Raymond James Raise Newmont (NEM) Price Targets

Newmont Corporation (NYSE:NEM) is one of the 11 Most Profitable Cheap Stocks to Invest In Now. On January 26, Scotiabank increased its price target on Newmont Corporation (NYSE:NEM) from $114 to $152 and maintained its Outperform rating on the stock.

This decision comes as the firm is updating its price targets for gold and precious minerals companies under its coverage. Scotiabank raised its gold and silver price forecasts, citing ongoing economic and geopolitical uncertainty, along with central bank buying.

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Earlier, on January 12, Citi raised its price target on Newmont Corporation (NYSE:NEM) from $104 to $118 and maintained its Buy rating. Citi pointed out that it is neutral on gold prices after the recent strong rally and expects some price moderation through the year.

Before that, on December 29, Raymond James also raised its price target on Newmont Corporation (NYSE:NEM) from $99 to $111 and kept its Outperform rating. The firm highlighted the company’s exposure to gold through a global portfolio with lower jurisdictional risk. This supports solid cash flow generation. Raymond James also pointed to Newmont Corporation’s (NYSE:NEM) flexible balance sheet, which provides the company with financial stability.

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.

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