Key Takeaways
- Citi maintained its Buy rating while increasing NEM’s price target from $118 to $150
- Bernstein elevated NEM to Outperform from Market Perform, boosting its price target from $121 to $157 based on optimistic gold projections
- The company exceeded earnings projections in all four recent quarters, delivering a Q4 EPS beat of +24.14%
- Wall Street’s consensus EPS forecast for the ongoing fiscal year stands at $8.65, representing 25.5% growth year-over-year
- Over the last month, NEM delivered a +0.8% return, surpassing the S&P 500’s -2.7% decline during the identical timeframe
The mining giant’s attributable gold mineral reserves decreased to 118.2 million ounces by the conclusion of 2025, compared to 134.1 million ounces in the previous year, primarily attributed to strategic asset divestitures. Despite this reduction, the company maintains substantial holdings of 12.5 million tonnes in copper reserves alongside 442 million ounces of silver reserves.
During the fourth quarter, Newmont delivered revenues totaling $6.82 billion, marking a 20.6% increase compared to the year-ago period. The company’s EPS reached $2.52, showing significant improvement from the $1.40 recorded in the prior-year quarter.
Both metrics exceeded Wall Street’s projections. The revenue figure surpassed the $6.06 billion consensus forecast by 12.58%, while EPS outperformed expectations by 24.14%.
This performance marks the fourth consecutive quarter where the company has beaten consensus EPS forecasts. Revenue estimates have similarly been exceeded throughout this entire period.
Analysts project Q1 EPS of $1.91, representing a 52.8% increase versus the corresponding quarter from last year. This consensus forecast has experienced an upward revision of 10.4% during the last 30 days.
Regarding full-year projections, the consensus EPS estimate of $8.65 indicates 25.5% expansion compared to the previous year. This forecast has risen 11.2% in just the past month.
Wall Street Raises Price Targets
Citi announced its revised price target for NEM on March 3, lifting it from $118 to $150 while reaffirming its Buy recommendation.
Bernstein took action slightly earlier on February 27, elevating its rating from Market Perform to Outperform and increasing the price target from $121 to $157.
Bernstein’s upgraded stance stems primarily from an optimistic outlook on gold market dynamics. The investment firm also highlighted the positive impact of new leadership with a defined strategic vision, realistic operational guidance, and enhanced relations with the company’s principal joint venture collaborator.
Zacks Assessment and Valuation Analysis
Newmont currently holds a #1 Strong Buy ranking from Zacks. This favorable ranking reflects the magnitude and trajectory of recent upward revisions to earnings forecasts.
From a valuation perspective, Newmont receives a C grade in the Zacks Value Style Score framework, indicating the stock trades approximately in line with comparable companies — neither undervalued nor overvalued.
During the past month, NEM shares advanced +0.8%, contrasting with the S&P 500’s 2.7% decline. Meanwhile, the Zacks Mining – Gold industry climbed 4.6% throughout this same period.
For the current quarter, analysts anticipate revenues of $5.87 billion, representing a 17.2% year-over-year gain. Full-year revenue projections stand at $24.01 billion for fiscal 2025 and $27.65 billion for fiscal 2026.
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