Street View: Analysts positive on Newmont beat, wary of Red Chris costs

By Reuters News

** Newmont NEM.N beat Q3 adjusted profit estimates on Thursday, as elevated gold prices and a recovery in copper production at its Cadia mine in Australia boosted earnings

** 24 of 27 brokerages rate the stock "buy" or higher, 3 "hold"; their median PT is $140 - data compiled by LSEG


RED CHRIS SPENDING RAISES CONCERNS

** Scotiabank ("outperform", PT: $149) sees the update as mixed, saying stronger earnings and lower-than-expected 2027 capex could be overshadowed by significantly higher capital costs at the Red Chris project in Canada versus a 2021 study

** Morningstar expects improving volumes to support some reduction in unit costs over time, although lower gold prices could offset those benefits

** Jefferies ("buy,", PT: 155) says costs and capex spending are expected to peak in Q4 due to higher sustaining capex, lower byproduct volumes and ongoing inflationary pressures, including oil price exposure

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