Newmont Stock Outlook: Is Wall Street Bullish or Bearish?

Valued at a market cap of $96.2 billion, Colorado-based Newmont Corporation (NEM) is the world's largest gold mining company and a leading producer of gold, with a diversified portfolio of operations, projects, and exploration assets across North America, South America, Australia, Africa, and Papua New Guinea. In addition to gold, the company also produces copper, silver, zinc, and lead as by-products from several of its mines.

Newmont has glittered over the past year, delivering standout gains that have comfortably outpaced both the broader market and its industry benchmark. Shares of NEM have rallied 53.7% over this time frame, while the broader S&P 500 Index ($SPX) has gained 16.9%. However, the stock has lost some of its shine in 2026, slipping 4.1% year-to-date while the SPX has advanced 8.7%. 

Even so, NEM has notably outpaced the VanEck Gold Miners ETF (GDX), which rose 48.3% over the past 52 weeks and dipped 10.5% on a YTD basis.  

On July 23, Newmont reported a strong second quarter, with sales rising 15.1% year over year to $6.1 billion and attributable gold production of approximately 1.3 million ounces.  Adjusted EPS came in at $2.10, and record free cash flow stood at $2.2 billion. The company also returned $1.9 billion to shareholders through dividends and share repurchases while reaffirming its full-year 2026 production guidance of 5.3 million attributable gold ounces. Despite the solid performance, NEM shares slipped 1.1% following the earnings release as revenue fell short of Wall Street's expectations.

For the current fiscal year, ending in December, analysts expect NEM’s EPS to grow 30.5% year over year to $8.99. The company’s earnings surprise history is promising. It exceeded the consensus estimates in each of the last four quarters. 

Among the 24 analysts covering the stock, the consensus rating is a “Strong Buy,” which is based on 19 “Strong Buy,” two "Moderate Buy,” and three “Hold” ratings.  

The configuration is bullish than two months ago, with 17 "Strong Buy” suggestions.    

Recently, Barclays reaffirmed its "Overweight" rating on Newmont while trimming its price target slightly to $124 from $125, citing the company's continued strong shareholder returns.

The mean price target of $130.29 implies a 36.1% premium to its current price, while the Street-high price target of $168 implies a 75.4% potential upside from current levels.