Why Newmont Corporation (NEM) is One of the Best Copper Stocks to Invest in Now

Newmont Corporation (NYSE:NEM) is one of the best copper stocks to invest in now. On April 21, CIBC cut the price target on Newmont Corporation (NYSE:NEM) to $176 from $177 while reiterating an Outperform rating on the shares. The firm adjusted price targets in the gold and base metals group as part of a fiscal Q1 preview, stating that it believes the 20% selloff in gold from its January high and the “flip-flop” in Federal Reserve funds expectations will “support a bounce in the asset’s price.” CIBC remains optimistic on gold and sees a solid entry point at current share levels. It has also adopted a more constructive outlook on base metal equities on the back of rising commodity tailwinds from ongoing supply constraints.

Newmont Corporation (NYSE:NEM) also received a rating update from National Bank on April 16. The firm downgraded the stock to Sector Perform from Outperform, bringing the price target down to $130  from $140. It told investors in a research note that the company’s costs are increasing, primarily due to increased diesel prices, a new tax framework in Ghana, and the operations pause at the Cadia mine.

Newmont Corporation (NYSE:NEM) explores and acquires gold properties containing copper, silver, 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.

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