Key Highlights
- Citi increased NEM’s price target to $150 from $118, maintaining a Buy rating
- Bernstein elevated NEM to Outperform with a target increase to $157 from $121, driven by positive gold market expectations
- NEM exceeded earnings projections in four consecutive quarters, delivering a Q4 EPS beat of +24.14%
- The consensus EPS forecast for the current fiscal year stands at $8.65, representing 25.5% year-over-year growth
- NEM delivered +0.8% returns over the past month, while the S&P 500 declined 2.7% during the same timeframe
Newmont’s attributable gold mineral reserves decreased to 118.2 million ounces by the end of 2025, compared to 134.1 million ounces the previous year, primarily due to divestitures. The mining company maintains 12.5 million tonnes in copper reserves alongside 442 million ounces of silver reserves.
During Q4, Newmont reported revenues totaling $6.82 billion, marking a 20.6% increase year-over-year. The company’s EPS reached $2.52, compared to $1.40 in the prior-year period.
Both metrics surpassed analyst projections. Revenue exceeded the $6.06 billion consensus by 12.58%, while EPS outperformed expectations by 24.14%.
Newmont has delivered earnings beats relative to consensus estimates across four consecutive quarters. The company has similarly exceeded revenue projections throughout this entire period.
Analysts project Q1 EPS of $1.91, representing a 52.8% increase compared to the corresponding quarter last year. This consensus figure has risen 10.4% during the past 30 days.
The full-year consensus EPS estimate stands at $8.65, indicating 25.5% growth versus the previous year. This projection has advanced 11.2% over the past month.
Wall Street Price Target Revisions
Citi announced on March 3 an increase in its NEM price target to $150 from $118, while maintaining its Buy recommendation.
Bernstein acted a week prior, on February 27, elevating the stock from Market Perform to Outperform while raising its target to $157 from $121.
Bernstein cited optimistic gold price expectations as the primary catalyst. The firm highlighted additional factors including new executive leadership with a well-defined strategy, realistic guidance parameters, and enhanced relations with Newmont’s largest joint venture partner.
Investment Rating and Valuation Metrics
Zacks assigns NEM a #1 Strong Buy rating. This ranking reflects the magnitude and trajectory of recent earnings estimate adjustments.
Regarding valuation, Newmont receives a C grade in the Zacks Value Style Score framework, indicating the stock trades comparably with industry peers—positioned at fair value relative to the sector.
During the past month, NEM generated +0.8% returns, compared to the S&P 500’s 2.7% decline. The Zacks Mining – Gold industry advanced 4.6% during this identical period.
Analysts forecast Q1 revenue of $5.87 billion, representing a 17.2% year-over-year gain. Full-year revenue projections stand at $24.01 billion and $27.65 billion for fiscal 2025 and 2026 respectively.
