Citigroup Raises Newmont (NEM) Price Target to $140

On October 20, 2026, Citigroup maintained its Buy rating on Newmont Corporation (NYSE: NEM) while raising its price target from $125.00 to $140.00. The research note provides a fresh look at the gold producer as shares trade on the New York Stock Exchange.

NEM Newmont Corporation

$116.81 ▲ +16.15% year to date

1M 3M YTD

Daily close · Oct 20, 2026

Citigroup's Call on Newmont

Citigroup's decision to lift its target to $140.00 from $125.00 underlines a stronger outlook for the mining major. The firm kept its Buy rating intact, pointing to ongoing momentum in the metals sector. The updated target gives the stock plenty of room to run compared to its recent trading levels.

Other Institutional Activity in Newmont

Large funds continue to shuffle their holdings in the gold miner. Van Eck Associates Corporation reduced its holdings by 3,884,291 shares, ending with 32,114,698 shares valued at about $3.75 billion. Meanwhile, Bank Of New York Mellon Corporation grew its holdings by 818,727 shares, ending with 13,056,801 shares worth about $1.53 billion.

Newmont Corporation Stock Down 1.5%

Newmont recently traded around $116.84, sitting close to its closing price of $116.81 on the day of the announcement. The shares rest below their 50-day moving average of $121.86, though they hold above their 200-day moving average of $112.28. The stock trades below its 52-week high of $135.29 and sits well above its 52-week low of $76.05. Citigroup's new $140 target sits above the current trading price.

Recent Earnings

Newmont generates $25.77 billion in trailing twelve-month revenue alongside a trailing earnings per share of $7.89. The company posts a net profit margin of 33.4% and a return on equity of 25.9%. Investors will monitor the company's next earnings report scheduled for October 22, 2026.

Dividend

Newmont pays an annual dividend rate of $1.04 per share, translating to a dividend yield of 0.88%. The payout ratio sits at 12.9% of earnings.

Insider Buying and Selling at Newmont Corporation

Company insiders have transacted shares in recent months. Chief Executive Officer Natascha Viljoen sold 7,764 shares on August 5, 2026, at an average price of $104.00 for a total value of $807,456, and later sold 3,882 shares on September 1, 2026, at $123.00. Chief Financial Officer Brian Tabolt sold 11,445 shares on August 5, 2026, at $105.09. Officer Peter Toth sold 3,000 shares on September 1, 2026, at $123.00.

Analysts Set New Price Targets

Wall Street firms maintain active views on the stock. Scotiabank maintains a Sector Outperform rating with a $149.00 target, while Bernstein holds an Outperform rating with a $144.00 target. RBC Capital maintains an Outperform rating with a target of $155.00, and Barclays maintains an Overweight rating with a target of $123.00. Overall, the stock holds a consensus Buy rating from 21 analysts with a mean price target of $136.95.

About Newmont

Newmont Corporation operates as a major gold producer while exploring for copper, silver, lead, and zinc across multiple continents. Founded in 1916 and headquartered in Denver, Colorado, the company manages assets across the Americas, Africa, and the Pacific region.

Bottom Line

Citigroup's target increase highlights confidence in the gold producer as shares trade below consensus expectations. Investors will watch the upcoming earnings release on October 22, 2026, for further clues on production costs and cash flow generation.