Key Highlights
- Citi maintains Buy rating while boosting NEM price target from $118 to $150
- Bernstein elevates NEM to Outperform status with price target increase from $121 to $157 based on positive gold market trends
- The company exceeded earnings forecasts in the previous four consecutive quarters, including a Q4 EPS beat of +24.14%
- Analysts project current fiscal year EPS of $8.65, representing a 25.5% increase from last year
- Over the last month, NEM delivered +0.8% returns while the S&P 500 declined 2.7%
The gold mining giant’s attributable gold mineral reserves decreased to 118.2 million ounces by the end of 2025, compared to 134.1 million ounces in the previous year, primarily due to asset divestments. However, the company maintains substantial reserves including 12.5 million tonnes of copper and 442 million ounces of silver.
During the fourth quarter, Newmont reported revenues totaling $6.82 billion, marking a 20.6% increase compared to the same period last year. Earnings per share reached $2.52, significantly higher than the $1.40 recorded in the prior year period.
The company exceeded Wall Street projections on both metrics. Revenue surpassed the analyst consensus of $6.06 billion by 12.58%, while EPS outperformed expectations by 24.14%.
Newmont has demonstrated consistent performance by surpassing consensus EPS projections for four straight quarters. Revenue estimates have also been exceeded throughout this same timeframe.
For the upcoming quarter, Wall Street forecasts Q1 EPS of $1.91, marking a 52.8% increase versus the comparable quarter in the previous year. This consensus figure has been revised upward by 10.4% during the last 30 days.
Regarding full-year expectations, the consensus EPS forecast stands at $8.65, indicating 25.5% year-over-year growth. This projection has risen 11.2% in just the past month.
Wall Street Target Price Revisions
Citi updated its outlook on March 3, increasing the NEM price target from $118 to $150 while maintaining its Buy recommendation.
Bernstein took action earlier, on February 27, elevating the stock from Market Perform to Outperform while boosting its price objective from $121 to $157.
Bernstein cited an optimistic outlook for gold prices as the primary catalyst. The firm also highlighted leadership changes with a new CEO implementing a clear strategic vision, what it described as realistic guidance targets, and enhanced relations with Newmont’s most significant joint venture partner.
Investment Rating and Valuation Metrics
Zacks has assigned NEM a #1 Strong Buy ranking. This ranking reflects significant positive momentum in earnings estimate revisions.
From a valuation perspective, Newmont receives a C grade in the Zacks Value Style Score framework, suggesting the stock trades at levels comparable to industry peers — neither undervalued nor overvalued.
During the past month, NEM generated positive returns of +0.8%, outperforming the S&P 500’s decline of 2.7%. The broader Zacks Mining – Gold sector advanced 4.6% during this same timeframe.
Analysts anticipate current quarter revenue of $5.87 billion, representing a 17.2% year-over-year growth. Full-year revenue projections stand at $24.01 billion for fiscal 2025 and $27.65 billion for fiscal 2026.
