A recent upgrade from Jefferies has cast a bullish light on Newmont Mining, with the firm raising its price target to $120. This optimistic outlook, however, coincides with a notable trend of profit-taking by major institutional investors, presenting a complex picture for market participants evaluating the gold miner’s trajectory.
Institutional Portfolio Adjustments Meet Analyst Confidence
While Jefferies reinforced its “Buy” rating and lifted its target from $113 to $120 per share, citing sustained high gold prices and robust free cash flow generation, significant holders were moving in the opposite direction. Data shows the Bank of Nova Scotia trimmed its stake by nearly 25%, and Gabelli Funds reduced its position by just over 10%. Market observers largely interpret these sales not as a fundamental critique but as routine portfolio rebalancing. Following the stock’s substantial gains in 2025, fund managers are adjusting weightings to mitigate concentration risk, capitalizing on the strong performance.
Should investors sell immediately? Or is it worth buying Newmont Mining?
Operational Momentum and Technical Support
The equity’s impressive run, boasting a year-to-date advance of over 104%, is supported by concrete operational improvements and cost discipline. The company’s operational strength was recently highlighted at the Ghana Mining Industry Awards, where it received accolades for innovation and sustainability. Despite this positive backdrop, the share price closed at €76.51 in the latest session. Traders attribute this slight pullback primarily to a short-term correction in the broader gold sector rather than company-specific issues. From a chart perspective, the 50-day moving average near €75 has provided a key support level, which has held so far.
Leadership Transition in Focus
Investor attention is also turning to a scheduled leadership change at the helm. Natascha Viljoen is set to assume the CEO role from Tom Palmer on January 1, 2026. The market will be watching for a seamless transition. The immediate question is whether the analyst upgrade from Jefferies can generate sufficient momentum to propel the stock back toward its yearly highs ahead of the next quarterly report, overcoming the current phase of institutional profit-taking.
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