Why Newmont Corporation (NEM) is One of the Top Cheap Blue Chip Stocks to Buy According to Wall Street Analysts

Newmont Corporation (NYSE:NEM) is one of the top cheap blue chip stocks to buy according to Wall Street analysts. Jefferies lowered the price target on Newmont Corporation (NYSE:NEM) to $146 from $158 on July 6 and maintained a Buy rating on the shares. The firm told investors in a research note that since fiscal Q1, gold has declined from about $4,700/oz to roughly $4,200/oz. This sets up fiscal Q2 as a period of likely margin contraction driven by lower gold prices and elevated diesel costs, shifting focus from transitory cost inflation to commodity price pressure amid expectations of higher rates.

In a separate development, Newmont Corporation (NYSE:NEM) provided an update on June 21 following a seismic event that occurred on Friday, June 19, near its Cadia operations in New South Wales. It reported that all underground personnel were returned to the surface at the time of the seismic event safely, with no reported injuries and no recorded damage to infrastructure. It added that the underground and aboveground inspections were completed, with operations resuming over the weekend following a staged restart. Newmont Corporation (NYSE:NEM) also stated that the safety and well-being of its workforce remains its top priority.

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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