Newmont Stock Gains as TD Cowen Upgrades Rating to 'Buy'

Newmont Goldcorp (NEM) shares gained 1.1% in pre-open trading Tuesday, reaching $94.10, after analysts at TD Cowen upgraded the stock to 'Buy' from 'Hold'. The upgrade provided a company-specific catalyst that lifted the shares despite broader weakness in U.S. equity markets and the gold sector.

Upgrade Defies Market Headwinds

The positive analyst action for Newmont stood in contrast to the prevailing market sentiment. As of Tuesday morning, the S&P 500 was down 0.8% and the tech-heavy Nasdaq had declined 1.6%.

Furthermore, the gold mining sector faced pressure from softer commodity prices, with gold hovering near $4,065 per ounce, well below its January 2026 peak. The challenging macro environment saw peers like Agnico Eagle Mines trade lower, highlighting the specific nature of Newmont's advance.

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Analyst Consensus and Outlook

The TD Cowen upgrade adds to a broadly positive view on Newmont among analysts. According to the source, 18 out of 22 analysts covering the stock now recommend it as a 'Buy'. The move comes just ahead of the company's second-quarter 2026 earnings report, scheduled for July 23, prompting some investors to position for the results.

Analysts' bullish thesis is supported by Newmont's strong financial position. The company ended the first quarter with a net cash position of $3.2 billion and has a $6 billion share repurchase authorization in place. This financial strength provides a buffer even as the company guides for 2026 to be a production trough, with expected gold output of approximately 5.3 million ounces.