Street View: Analysts positive on Newmont beat, wary of Red Chris costs
BUZZ-Street View: Analysts positive on Newmont beat, wary of Red Chris costs ** 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
(Reporting by Tyakshi Singh in Bengaluru)