Credit Suisse Believes Newmont Mining (NYSE: NEM) Won’t Stop Here

By Jason Carr

In a report issued on July 22, Fahad Tariq from Credit Suisse maintained a Buy rating on Newmont Mining (NEMResearch Report), with a price target of $72.00. The company’s shares closed last Tuesday at $68.59, close to its 52-week high of $70.30.

According to TipRanks.com, Tariq is a 5-star analyst with an average return of 31.4% and a 78.1% success rate. Tariq covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Kirkland Lake Gold, and Eldorado Gold.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Newmont Mining with a $74.56 average price target, representing a 9.8% upside. In a report issued on July 10, B.Riley FBR also maintained a Buy rating on the stock with a $97.00 price target.

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The company has a one-year high of $70.30 and a one-year low of $33.00. Currently, Newmont Mining has an average volume of 8.99M.

Based on the recent corporate insider activity of 122 insiders, corporate insider sentiment is neutral on the stock.

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Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States. The South America segment consists primarily of Yanacocha in Peru and Merian in Suriname. The Australia segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia. The Africa segment consists primarily of Ahafo and Akyem in Ghana. The company was founded by William Boyce Thompson on May 2, 1921 and is headquartered in Greenwood Village, CO.