Newmont Corporation (NYSE:NEM) is among the top mineral stocks favored by hedge funds. Raymond James has raised the price target on NEM from $66 to $67, maintaining an ‘Outperform’ rating. The company’s Q2 results will reflect limited production from recently divested assets, supporting its capital allocation strategy.

The company has sold assets generating after-tax proceeds of $850 million, with additional cash secured from equity stake sales. These divestitures align with Newmont’s goal of generating $3 billion in after-tax proceeds in 2025. Despite potential constraints from sustaining capital and reclamation costs, the company’s share price has increased over 60% YTD.

Newmont Corporation (NYSE:NEM) is primarily a U.S.-based gold mining company that explores for various metals. While NEM offers investment potential, certain AI stocks may have greater upside potential with less downside risk. Investors seeking undervalued AI stocks may benefit from considering alternative options.

Read more at Yahoo Finance: Raymond James Raises PT on Newmont Corporation (NEM) from $66 to $67; Maintains ‘Outperform’ Rating