Newmont climbs after TD Cowen upgrades to 'buy'

Shares of Newmont rose 5.08% to $87.83 after TD Cowen upgraded the gold miner to "buy" from "hold," saying a recent pullback in the company's shares has created an attractive entry point.

Tuesday's rise in gold prices also supported the stock.

TD Cowen said Newmont can repurchase more than $5 billion of shares in 2026, supported by about $3.7 billion in net cash and ongoing free cash flow. Newmont recently approved a $6 billion share buyback.

The brokerage forecast 2026 production of 5.39 million ounces of gold versus the company's view of 5.26 million ounces.

TD Cowen trimmed its price target to $127 from $129 to reflect an updated commodity price assumption. The new price target still represents a 36.4% upside to the stock's last close.

Twenty-one of 24 brokerages rate the stock "buy" or higher and three "hold," with a median price target of $137, according to data compiled by LSEG.

Newmont is down 2% so far this year.