Newmont Stock Is Rising. Why This Analyst Says the Gold Miner Is a Buy.

RBC raised its target for Newmont’s stock price. (Photograph courtesy of Newmont Mining Corporation)

As gold prices continue to soar, Newmont is making strides in delivering on its turnaround plan and is primed to deliver strong free cash flow in the coming years, analysts from RBC Capital Markets argued.

RBC’s Josh Wolfson upgraded the gold-mining stock to Outperform from Sector Perform and raised his price target to $95 from $66 in a research note. Newmont is a leading name among gold miners, the firm argued.

Shares were up 1.2% to $76.85 Wednesday following RBC’s note. They had soared more than 100% in 2025 as of Tuesday’s close. Newmont was a Barron’s stock pick last month.

Miners have benefited in 2025 from the seemingly unstoppable surge in gold prices. Bullion has become one of the hottest assets on Wall Street, with gold continuous-contract futures prices up more than 45% over the past 12 months. Gold was on pace for another record high Wednesday at $3695.60 per troy ounce, per Dow Jones Market Data.

RBC forecasts gold prices to top $4,000 per troy ounce by the second half of 2026, and Newmont “shareholders are well-positioned to capture this upside in a rising gold price environment,” Wolfson wrote.

Newmont issued a plan earlier this year to divest noncore assets, improve operations to shareholders, mainly through stock buybacks. While the company is in the early stages of this operational turnaround, RBC believes it is already delivering on this plan.

Free cash flow could total $3.5 billion to $4 billion over the second half of the fiscal year, RBC estimates, up from $2.9 billion in the first half. That kind of figure would support the company’s share repurchase plan, with the board having authorized $6 billion in buybacks as of July.

Despite the positive signals, Newmont shares have lagged behind some of its peers, making the stock a “tactical buying opportunity,” Wolfson said. The company, RBC argued, can maintain its free cash flow numbers in the coming years, which should rank it favorably compared with large gold-producer peers and the S&P 500 .

Other gold-mining stocks were also on the rise Wednesday. New York-listed shares of Barrick Mining climbed 1%, Agnico Eagle Mines was up 0.7%, and Franco-Nevada ticked up 0.5%.

Write to Nate Wolf at nate.wolf@barrons.com