09:35 AM EDT, 03/28/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $5 to $41, which assumes NEM will trade at an EV/EBITDA of 7.2x our 2024 EBITDA estimate, in line with NEM's three-year average forward EV/EBITDA of 7.2x and a premium to peers, which are trading at an average forward EV/EBITDA of 6.5x. We raise our 2024 EPS estimate by $0.22 to $2.10 and keep our 2025 EPS forecast at $2.59. CFRA forecasts three 25 basis point cuts in the Fed funds rate by year end, which should provide a tailwind for gold to continue to appreciate. Yesterday (March 27), gold set yet another all-time closing price at $2,213 per ounce, and we are anticipating 10%-15% upside from the current price by year end. The Q1 average price is poised to be around $2,080 per ounce, 9.7% higher Y/Y, while the consensus Q1 adjusted EPS is calling for a 2.5% decline Y/Y. We think the Q1 earnings release and guidance is likely to be a positive catalyst.