Why Newmont Corporation Stock Just Dropped

Group 1 - Newmont Corporation's stock experienced a significant drop of 7.2% after reaching an all-time high of over $134 per share [1][2] - The decline in Newmont's stock price is correlated with fluctuations in gold prices, which recently peaked at $5,615 before falling to $5,080, a decrease of 5.2% [2][3] - UBS raised its price target for Newmont stock by 28% to $160 per share while maintaining a buy rating, indicating confidence in the company's future performance [4] Group 2 - Despite a tripling in stock price over the past year, Newmont's stock is still considered undervalued with a price-to-earnings ratio of less than 20 and a projected earnings growth of 58% annually over the next five years [4][5] - The PEG ratio for Newmont stock stands at 0.34, suggesting it is a cheap investment opportunity [5] - Newmont was not included in the Motley Fool Stock Advisor's list of the 10 best stocks to buy, which may indicate alternative investment opportunities [6]