Newmont Stock Soars on Gold Rally: Latest NEM News, Analyst Forecasts and 2026 Outlook (10 December 2025)

Newmont Corporation (NYSE: NEM) continues its spectacular run in 2025. On 10 December, the world’s largest gold miner’s share price climbed to about $94.09, up roughly 5.7% on the day and more than 130% year‑to‑date, as investors double down on the gold super‑cycle and Newmont’s aggressive restructuring and cost‑cutting program. ^[1]

Below is a deep dive into the latest news, forecasts and analyses dated 10 December 2025, plus the broader 2025 backdrop around earnings, restructuring and valuation debates that are driving NEM stock.

Newmont Stock Today: Price, Momentum and Market Context

As of mid‑day on 10 December 2025, Newmont trades around $94.09 on the NYSE, after a single‑session gain of about +5.7% on heavy volume near 8.7 million shares. ^[2]

Different data providers put Newmont’s year‑to‑date performance between roughly +140% and +150%, underscoring just how violent the move has been in 2025. ^[3] The stock sits just a few percentage points below its 52‑week high around $98.58, reached in October. ^[4]

Newmont’s rally is closely tied to an extraordinary bull market in gold:

Zacks’ gold mining industry outlook on 10 December notes that gold prices are up about 60% in 2025, driven by geopolitical tensions and sustained central‑bank buying. ^[5]
The report argues that companies such as Newmont, with strong balance sheets, disciplined cost control and sizable growth projects, are especially well positioned to benefit from this environment. ^[6]

Put simply, NEM has become a leveraged expression of the gold trade in 2025, and markets are treating it that way.

What’s New on 10 December 2025? Key Headlines Around NEM

A flurry of fresh research and commentary on 10 December helps explain today’s strong move in Newmont’s share price.

1. Zacks: “Newmont Surges 79% in 6 Months”

A new Zacks analysis highlights that Newmont stock has jumped about 79% over the last six months, handily beating the broader gold mining industry, largely thanks to the rising gold price and operational progress at key projects. ^[7]

The piece frames the central question facing investors now: after such a rapid appreciation, is there still upside left in NEM, or is the easy money already made? While the full text is behind a rate limit wall, Zacks’ framing reinforces the idea that Newmont has transitioned from “deep value” in 2023–2024 to a momentum‑driven large‑cap in late 2025.

2. Zacks Investment Ideas: NEM in a Cross‑Asset “Ideas” Basket

In a separate 10 December note, the Zacks Investment Ideas feature includes Newmont alongside names like Carvana, Lennar, Bank of America and a Russell 2000 ETF, underscoring that NEM has broken out of niche “gold bug” coverage and entered mainstream investor watchlists. ^[8]

Being repeatedly spotlighted in cross‑sector “ideas” pieces tends to attract incremental institutional and retail interest, particularly via platforms like Google Discover and brokerage content feeds.

3. Zacks Industry Outlook: Gold Miners as Big Cycle Winners

The same day, Zacks’ industry outlook (re‑published through Nasdaq and TradingView) again singles out Newmont among five gold stocks to ride “solid industry trends”, pointing to: ^[9]

gold’s ~60% price surge in 2025
continued geopolitical uncertainty
central banks’ ongoing accumulation of gold
and miners’ efforts to cut costs and rationalize portfolios

Newmont is presented as a leading way to play this theme given its scale, diversification and progress on cost‑saving initiatives.

4. “3 Mining Stocks to Ride the Commodity Boom into 2026”

Another Zacks note today highlights Newmont, Agnico Eagle and Hecla as three mining stocks best positioned to benefit from an ongoing commodities rally into 2026, driven not only by gold but also by strong silver and copper markets. ^[10]

Newmont’s inclusion in multiple December 10 Zacks pieces reinforces a consistent message:

Gold and precious‑metals bulls are being actively steered toward NEM as a core holding for 2026.

5. Smartkarma: NEM as a “Market Mover”

Smartkarma’s market movers report for 10 December flags Newmont’s 5.72% daily jump to $94.09, with volume of 8.67 million shares and a year‑to‑date gain of about 139%. ^[11]

The note ties the move to:

recent price‑target hikes, including a raise from Jefferies to $120
bullish commentary on Newmont’s Q3 cash flow and cost discipline
and rising enthusiasm for gold miners as a group

Smartkarma also acknowledges valuation worries after a ~135% rally and mentions a downgrade from BNP Paribas Exane, yet points out that the stock has continued to climb despite such concerns. ^[12]

6. MarketBeat: State Street Trims, but Institutions Remain Heavily Invested

A MarketBeat article dated 10 December focusing on institutional flows shows that State Street Corporation trimmed its Newmont stake by just 0.2% in Q2, selling about 87,800 shares but still holding roughly 49.6 million shares (about 4.5% of the company) valued near $2.9 billion. ^[13]

The same piece recaps key Q3 highlights:

EPS of $1.71 vs consensus around $1.27
revenue of $5.52 billion, up roughly 20% year‑over‑year
market cap near $100 billion
and a quarterly dividend of $0.25 per share, or $1.00 annualized, for a yield around 1.1% at current prices. ^[14]

It also notes a MarketBeat‑tracked average 12‑month price target of about $96.37, implying only modest upside from current levels. ^[15]

Fundamental Backdrop: Q3 2025 Earnings and Cash Flow

Newmont’s massive share‑price move in 2025 isn’t just about gold prices. The company delivered genuinely strong numbers in the third quarter of 2025, reported on 23 October: ^[16]

Production & Prices
- ~1.4 million attributable gold ounces produced, plus 35,000 tonnes of copper.
- An average realized gold price of about $3,539 per ounce, up more than $200 vs the prior quarter.
Earnings & Cash Flow
- Net income attributable to shareholders of about $1.8 billion, or $1.67 per diluted share.
- Adjusted net income of roughly $1.9 billion, or $1.71 per share.
- Revenue of about $5.52 billion, beating analyst expectations around $5.19 billion. ^[17]
- Record free cash flow of roughly $1.6 billion in the quarter, marking the fourth straight quarter above $1 billion. ^[18]
Costs & Guidance
- Gold all‑in sustaining costs (AISC) in the mid‑$1,500/oz range, slightly lower than the prior quarter thanks to cost‑discipline and productivity gains. ^[19]
- Newmont improved its 2025 cost and capital spending guidance, while reaffirming production guidance. ^[20]
Balance Sheet & Capital Returns
- Cash and cash equivalents of about $5.6 billion, with near‑zero net debt (~$12 million). ^[21]
- Over $3.5 billion in net cash proceeds from asset and equity sales in 2025. ^[22]
- A dividend of $0.25 per share for Q3 2025, payable in December. ^[23]
- A $3 billion share‑repurchase program announced in July and progressively executed through the year. ^[24]

Q3 results cemented the narrative that Newmont is using the gold windfall to aggressively repair its balance sheet, streamline its asset base and return capital to shareholders.

Restructuring, “Project Catalyst” and the Newcrest Integration

Behind the strong numbers lies a major restructuring effort following Newmont’s $17 billion acquisition of Newcrest Mining in 2023. ^[25]

16% of Jobs Impacted

In early November, Reuters and subsequent industry coverage revealed that Newmont’s restructuring — internally branded “Project Catalyst” — has impacted around 16% of roles across the company. ^[26]

Key points:

The impact includes job eliminations, positions left unfilled and changes to role levels rather than simply one‑for‑one layoffs. ^[27]
Newmont reduced roles by roughly 12% at mid‑management level (“Level of Work 2”: superintendents, leads, specialists) and about 10% at front‑line level (“Level of Work 1”: advisors, operators, maintainers). ^[28]
Management told employees the restructuring was completed one month ahead of schedule to limit uncertainty. ^[29]

As of the end of 2024, Newmont employed about 22,200 employees and 20,400 contractors, so a 16% impact represents a very substantial reconfiguration of the organization. ^[30]

Asset Sales and TSX Delisting

Alongside workforce changes, Newmont has pushed hard on portfolio rationalization:

Since late 2024 it has divested multiple Canadian operations, including the Eleonore, Musselwhite and Porcupine assets, for a combined value well above $2 billion. ^[31]
In September 2025, the company applied to voluntarily delist from the Toronto Stock Exchange, citing low trading volumes and the desire to reduce administrative costs, while keeping listings on the NYSE, ASX and PNGX. ^[32]

The combined message: Newmont is simplifying its footprint, focusing on higher‑return assets and cutting overhead, which is exactly what many investors want to see after a large acquisition.

CEO Transition in Early 2026

Another key structural change is at the top:

Current CEO Tom Palmer will retire on 31 December 2025. ^[33]
Natascha Viljoen, currently president and COO, will assume the role of CEO at the start of 2026. ^[34]

Newmont’s Q3 release emphasizes that Palmer leaves behind a company with a strengthened balance sheet, record free cash flow and an improved cost profile, while Viljoen is expected to drive the next phase of integration and growth. ^[35]

How Wall Street Sees Newmont Now: Ratings and Price Targets

Consensus Ratings

Across major aggregators, Newmont currently enjoys broadly positive analyst sentiment:

MarketBeat reports a “Buy” consensus from 22 analysts over the last year, with 18 rating NEM as Buy or Strong Buy and 4 as Hold. ^[36]
StockAnalysis shows a “Strong Buy” consensus from nine analysts, with an average rating that suggests Newmont is expected to outperform the broader market. ^[37]
A Zacks‑sourced article on Yahoo Finance notes that Newmont’s Average Brokerage Recommendation (ABR) also equates to a Buy, although it cautions investors not to rely solely on ABR indicators. ^[38]

Price Targets

There is some variation in 12‑month price targets, but the range and averages are informative:

MarketBeat: average target around $96.37, with a low of $40 and a high of $125, implying roughly 2–3% upside from the current ~$94 price. ^[39]
StockAnalysis: average target near $99.33, with a range from $72 to $125, implying about 5–6% upside over the next year. ^[40]
Benzinga’s compilation of analyst actions highlights that UBS most recently reaffirmed a bullish view on 1 December, lifting its price target to $125 — about 30–35% above current levels. ^[41]

Recent notable moves include:

UBS lifting its target from $106 to $125 while maintaining a Strong Buy rating. ^[42]
Scotiabank upgrading Newmont from Hold to Buy in October, raising its target from $72 to $114. ^[43]
Jefferies increasing its target from $113 to $120, reiterating a Buy rating as part of a 2026 metals and mining outlook that anticipates higher margins and free cash flow for gold producers. ^[44]
Bank of America lifting its target from $115 to $118, keeping a Buy stance and adding Newmont to lists of attractive North American metals and mining stocks. ^[45]

In aggregate, most brokers now see modest near‑term upside (mid‑single‑digit percent) with a tail of more aggressive targets calling for 20–30% additional gains if gold remains elevated and Newmont executes on its integration and cost savings.

Valuation Debate: Undervalued Compounder or Overextended Gold Proxy?

With the stock up well over 100% in less than a year, it’s natural that analysts are split on whether Newmont is still cheap or already pricing in perfection.

The Bullish Valuation Case

Several recent pieces argue that NEM remains attractive despite the rally:

Insider Monkey’s “10 Most Undervalued Stocks to Buy Right Now” features Newmont with a forward P/E around 12.5 and projected diluted EPS growth of roughly 66%, supported by 74 hedge funds holding positions. ^[46]
The same analysis points out that Q3 2025 revenue climbed to $5.52 billion versus $4.61 billion in Q3 2024, while net income rose to $1.8 billion, suggesting that earnings are now catching up with the share‑price run. ^[47]
Zacks’ industry outlook stresses that if gold prices continue to grind higher, miners with leaner cost structures and strong balance sheets could still see margin expansion and higher free cash flow in 2026, a category that clearly includes Newmont. ^[48]

At around 12–13x forward earnings (based on those estimates) and with record free cash flow, the bullish view casts Newmont as a cash‑gushing compounder still trading at a reasonable multiple, especially relative to tech‑led indices.

The Bearish / Cautious Case

On the other side, some analysts and commentators warn that expectations may have run ahead of fundamentals:

A Forbes article on 8 December (paywalled for many readers) explicitly asks whether NEM is “overvalued after a 135% surge”, pointing to the risk of a pullback if gold corrects or if integration synergies disappoint. ^[49]
Smartkarma references a downgrade from BNP Paribas Exane amid valuation concerns, even as the stock has continued to rise. ^[50]
Benzinga’s history of ratings shows that not all moves have been upgrades: Macquarie, for example, previously cut its target to $72 in 2025, reflecting a more conservative stance on the risk/reward. ^[51]

Moreover, Newmont’s dividend yield of roughly 1.1% at current prices is modest compared with some income‑oriented alternatives, making the stock primarily a growth and gold‑beta story rather than a high‑yield play. ^[52]

In short, bulls see a high‑quality miner still priced for mid‑cycle conditions, while bears see a gold proxy that may be fully valued if the metal stumbles.

Key Risks for Newmont Shareholders

Even with strong fundamentals and a supportive gold market, investors in NEM should be conscious of several risks:

Gold Price Volatility
Newmont’s earnings, cash flow and valuation are heavily dependent on the gold price. The Zacks report explicitly links the industry’s bright outlook to a year of extraordinary gold gains; a normalization of gold could compress margins and reverse some of the multiple expansion in NEM. ^[53]
Integration and Restructuring Execution
“Project Catalyst” and the Newcrest integration involve significant operational and cultural change, including impacts on roughly 16% of jobs. Poor execution could lead to disruptions, productivity issues or higher‑than‑expected restructuring costs. ^[54]
Operational & Political Risk
Newmont operates in multiple jurisdictions, including Mexico, Ghana, Peru and others, where regulatory changes, community relations, labor disputes or environmental issues could affect production.
Regulatory and Listing Changes
The company’s voluntary delisting from the Toronto Stock Exchange reduces complexity but also removes one avenue of liquidity for Canadian investors. While NYSE is the primary listing, further changes in listing strategy or regulations could affect certain shareholder segments. ^[55]
Valuation and Sentiment Risk
After a year of triple‑digit gains, sentiment can turn quickly. Any disappointment in 2026 guidance, further downgrades, or a sharp pullback in gold could trigger an outsized share‑price reaction.

Newmont Stock Outlook for 2026: What the Latest Research Suggests

Summarizing the current consensus outlook:

Gold environment: Most research published today assumes gold will stay elevated or gradually rising into 2026, underpinned by geopolitical risk and central‑bank demand. ^[56]
Earnings and cash flow: Newmont is expected to maintain strong free cash flow thanks to high realized prices, improved cost guidance and benefits from asset sales and Newcrest synergies. ^[57]
Analyst targets: Average 12‑month targets cluster in the mid‑$90s to around $100, with more bullish houses calling for $115–$125 if the gold bull market persists and cost savings materialize as planned. ^[58]
Positioning: Newmont is increasingly recommended as a core large‑cap gold holding rather than a speculative trade, often appearing at the top of lists of gold or precious‑metal stocks to own into 2026. ^[59]

For long‑term investors who believe in a structurally higher gold price and continued discipline on costs and capital allocation, Newmont is being framed as a high‑beta vehicle on that thesis, backed by scale, diversification and a solid balance sheet. For more cautious investors, the key question is whether today’s price already discounts much of this good news.

Bottom Line

On 10 December 2025, Newmont stands at the intersection of:

a powerful gold rally
record free cash flow and improved cost guidance
a completed but far‑reaching restructuring and integration
and a wave of analyst upgrades and positive industry commentary

At around $94 per share, the stock reflects a lot of optimism, but not unanimity: average price targets imply only modest upside, even while the most bullish houses see potential gains of 20–30% if conditions stay favorable. ^[60]