Newmont(US:NEM) 智通财经网·2025-07-28 08:28Group 1 - Morgan Stanley maintains an "overweight" rating on Newmont Corporation (NEM.US) and raises the target price to $104 [1] - Newmont's Q2 gold equivalent ounce production exceeded expectations, surpassing Morgan Stanley's forecast by 4%, driven by strong output from Cadia and Peñasquito, leading to a 14% revenue growth and a 33% increase in adjusted EBITDA [1] - The company's net debt of $1.4 billion is significantly lower than Morgan Stanley's expectation of $2.7 billion, attributed to lower-than-expected capital expenditures and the release of working capital during the quarter [1] Group 2 - Newmont announced a new $3 billion share buyback plan [1] - The attributable gold production was 8% higher than Morgan Stanley's expectations, while by-product gold equivalent ounces (GEO) were 9% lower than expected, resulting in a total gold equivalent production that was 4% above expectations [1] - The company provided guidance for Q3, expecting core production to remain flat compared to the previous quarter, with certain joint venture assets and specific mines projected to increase while others are expected to decline [1][2] Group 3 - Morgan Stanley views the current production guidance as conservative and models an annual core production of 5.7 million ounces with a total sustaining cost of $1,526 per ounce [2] - The firm remains optimistic about the outlook for gold and considers Newmont a compelling income choice in the current environment [3]