CIBC Trims Newmont Price Target but Keeps Outperform Rating
CIBC cuts NEM target by $1 to $175 after Q1 results show higher costs but strong gold prices and free cash flow.
CIBC analyst Anita Soni shaved her Newmont (NEM) price target by just a buck — from $176 down to $175 — but kept her Outperform rating firmly in place. That's a rounding error, not a red flag. The call still says buy.
Here's what moved the needle: Q1 2026 came in stronger than expected on the revenue side, but costs ran hotter than Soni had modeled. She updated her assumptions to reflect that cost pressure and dialed back her expectations for the second half of the year. That's the honest kind of analyst revision — not a panic cut, just a recalibration.
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The real headline buried in this note is Newmont's Q1 realized gold price of roughly $2,900 per ounce — wait, scratch that — approximately $4,900 per ounce. That number is eye-popping and tells you everything about where gold is trading right now. When your realized price is that elevated, cost overruns become a lot easier to stomach, and the free cash flow profile looks genuinely compelling.
For traders watching NEM, the setup here is straightforward. Gold prices are doing the heavy lifting. Even with higher operating costs eating into margins, the commodity tailwind is strong enough that CIBC isn't flinching on its bullish stance. A $1 price target cut after a beat-and-raise environment is basically a non-event. The Outperform rating is what matters, and that's unchanged.
If you're in NEM or watching it, this CIBC note is a mild positive — analyst conviction holds, and the gold macro backdrop is working in your favor. Continue reading at Yahoo Finance.
