Newmont Mining retains buy rating with $54 price target from Jefferies

Jefferies analyst Christopher LaFemina reiterated a buy rating on Newmont Mining (NEM) shares and a $54 price target.

The analyst said the company's third-quarter results were driven by record gold production and higher gold prices, which offset lower copper production and prices.

He said the company's cost-cutting measures and focus on operational efficiency are expected to continue to drive earnings growth in the future.

Gold prices have been rising in recent months as investors have sought safe haven assets amid fears of a global recession. Newmont Mining is one of the world's largest gold miners.

Highlights:

• Jefferies analyst Christopher LaFemina reiterated a buy rating on Newmont Mining (NEM) shares and a $54 price target.
• The analyst said the company's third-quarter results were driven by record gold production and higher gold prices, which offset lower copper production and prices.
• He said the company's cost-cutting measures and focus on operational efficiency are expected to continue to drive earnings growth in the future.
• Gold prices have been rising in recent months as investors have sought safe haven assets amid fears of a global recession.
• Newmont Mining is one of the world's largest gold miners.