Scotiabank maintains Sector Outperform rating on Newmont, $148 price target

What happened

Scotiabank kept its Sector Outperform rating on Newmont stock and a $148.00 price target, implying 34.1% upside from the October 26 close of $110.39.

Confirmed

Global impact / market context

An outperform rating means the analyst expects the stock to beat the broader market. The $148 target suggests the analyst believes Newmont's production growth and cost cuts can lift revenue and profit, supporting the share price.

Analyst inference

Newmont is a gold miner, so its results depend on gold prices and mine output. The note points to higher grades at key mines and the Tanami Expansion 2 project starting commercial production as drivers of growth.

Analyst inference

What to watch

1. Watch whether Newmont delivers low-to-mid-single-digit gold production growth in 2027, helped by higher grades at key mines and commercial production at Tanami Expansion 2. Confirmed
2. Track the company's progress in optimizing its Tier 1 portfolio, which means its largest, lowest-cost mines, while reducing costs and improving productivity as the note expects. Proposed
3. See if balanced capital allocation, meaning spending on growth and returning cash to shareholders, continues, since the analyst ties investor confidence to this commitment. Analyst inference

Evidence

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