Street View: Analysts upbeat after Newmont's strong Q2 results and share buyback

Gold miner Newmont NEM.N surpassed Wall Street expectations for second-quarter profit on Thursday, benefitting from a rally in bullion prices and announced a $3 billion share repurchase program

Shares of NEM rise 2% to $62.75 in the premarket trading

POSITIVE IMPACT, SHARES TO SOAR

Jefferies ("buy") raises price target to $73 from $68, expects a positive share reaction as company introduced a new share buyback program

"Uncertainty over long-term guidance has weighed on shares, but we think steady operational delivery and ongoing capital returns will restore value over time" - brokerage

National Bank of Canada ("sector perform", PT: C$100), sees 2025 operating guidance as achievable, given the cost control measures

It expects shares to trade ahead of peers tomorrow given strong headline financial results

TD Cowen ("hold", PT: $64) also expects a positive reaction following a strong Q2 print, with earnings per share and free cash flow handily beating consensus

Brokerage expects capital theme to continue throughout the year with the board approving the share buyback program