Newmont Corp. shares surged to an all-time intraday high of $134.93 on Tuesday, extending a 87.4% total return over the past 12 months. The milestone comes as the gold mining sector consolidates gains despite recent pullbacks in spot gold prices.
The advance follows an upgrade from Raymond James, which raised its price target to $140 from $131 while maintaining an Outperform rating. Analysts cited operational improvements at Nevada Gold Mines and strategic adjustments by Newmont as key drivers. Argus, however, trimmed its target to $110 from $125 but retained a Buy recommendation, attributing the revision to recent share weakness.
Newmont reported adjusted earnings of $2.10 per share for Q2 2026 on revenue of $6.12 billion, missing Wall Street expectations of $2.12 per share and $6.38 billion in sales. The company reaffirmed full-year guidance, stating operational progress at Nevada Gold Mines and other assets would support targets.
The broader gold market faced headwinds as U.S. Treasury yields rose and inflation concerns weighed on investor sentiment, pulling spot gold prices lower. Newmont’s shares remain roughly 1% below their 52-week high, with a Piotroski score of 9 and a PEG ratio of 0.38, according to InvestingPro data.
Analysts at InvestingPro estimate a fair value of $146.94, classifying Newmont as one of the most undervalued stocks in the sector.
