TLDR
- Citi raised its price target on NEM to $150 from $118, reiterating a Buy rating
- Bernstein upgraded NEM to Outperform and lifted its target to $157 from $121, citing a bullish gold outlook
- NEM beat earnings estimates in each of the last four quarters, with a Q4 EPS surprise of +24.14%
- Consensus EPS estimate for the current fiscal year is $8.65, up 25.5% year-over-year
- NEM has returned +0.8% over the past month, outperforming the S&P 500’s -2.7% drop in the same period
Newmont’s gold mineral reserves fell to 118.2 million attributable ounces at end of 2025, down from 134.1 million the year before, mainly due to asset sales. The company still holds 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves.
In Q4, Newmont posted revenues of $6.82 billion, a 20.6% jump year-over-year. EPS came in at $2.52, up from $1.40 a year ago.
Both numbers topped estimates. Revenue beat the consensus of $6.06 billion by 12.58%, and EPS came in 24.14% above expectations.
The company has now beaten consensus EPS estimates in each of the last four quarters. It has also topped revenue estimates across that same stretch.
Looking ahead, analysts expect Q1 EPS of $1.91, a 52.8% rise from the same quarter last year. The consensus estimate for that figure has moved up 10.4% over the past 30 days.
For the full year, the consensus EPS estimate sits at $8.65, reflecting 25.5% growth over the prior year. That estimate has climbed 11.2% over the past month alone.
Analyst Price Target Upgrades
On March 3, Citi raised its price target on NEM to $150 from $118, keeping its Buy rating in place.
Bernstein moved a week earlier, on February 27, upgrading the stock from Market Perform to Outperform and raising its target to $157 from $121.
Bernstein pointed to a bullish view on gold prices as the main driver. The firm also flagged a new CEO with a clear agenda, what it called achievable guidance, and an improving relationship with Newmont’s largest joint venture partner.
Zacks Rank and Valuation
Zacks currently rates NEM as a #1 Strong Buy. The rank is driven by the size and direction of recent earnings estimate revisions.
On valuation, Newmont scores a C in the Zacks Value Style Score system, meaning it’s trading roughly in line with its peers — not cheap, but not stretched either.
Over the past month, NEM returned +0.8%, while the S&P 500 dropped 2.7%. The Zacks Mining – Gold industry gained 4.6% over the same stretch.
For the current quarter, the revenue consensus stands at $5.87 billion, which would be a 17.2% increase year-over-year. Full-year revenue estimates are $24.01 billion and $27.65 billion for fiscal 2025 and 2026 respectively.
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