1. Gold prices surged 23% this year, reaching $3,256.20. 2. UBS targets $3,500 per ounce for gold by 2026. 3. Newmont stock outperformed gold, rising 46% this year. 4. UBS upgraded Newmont's rating to Buy with a price target of $60. 5. Newmont's operational challenges persist despite positive cash return expectations.
Newmont’s upgrade by UBS reflects gold's anticipated rally, historically linked to gold prices. Similar past trends have led to stock price increases following bullish gold forecasts.
The bullish outlook on gold prices suggests a favorable environment for NEM's performance. Analysts’ upgrade and anticipated cash returns signal potential investor optimism.
With gold prices expected to rise until 2026, Newmont could see sustained growth. Historical precedence shows that mining stocks can rebound after macroeconomic hardships.