Published on 7 May 2024 on Zacks via Yahoo Finance
Can Newmont (NEM) Run Higher on Rising Earnings Estimates?
Investors might want to bet on Newmont Corporation (NEM), as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this gold and copper miner, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.