Newmont Corp. shares
Thursday, after an 11% hike to a 7½ year high in afternoon trading, after JPMorgan called the gold miner “a rare find” in an industry that can often have struggling to replace its reserves. Analyst Tyler Langton started hedging Newmont with an overweight target of $ 61, about 9% more than current levels. “[Newmont] should generate solid free cash flow at current gold prices and continue to finance its healthy dividend (yield of 2.0%), [capital expenditures] and development investments even at $ 1,200 / oz. gold (versus $ 1,650 currently), “Langton wrote in a note to clients.
settled 4.1% to a 7 and a half high, the US dollar having fallen following the new lending plan of the Federal Reserve. Newmont stock, which is poised to close at its highest level since October 2012, has climbed 34.6% in the past three months, while the VanEck Vectors Gold Miners ETF
gained 0.6%, gold futures rose 11.4% and the S&P 500