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CA - Newmont: Optimism Priced In (Rating Downgrade)
CA Inc.
2024-05-16 15:41:19 ET
Summary
Newmont's stock has delivered a 40% total return since February, outperforming the broader market.
The company delivered a solid Q1 performance and expectations around the next earnings release are quite bullish.
Gold prices continue to soar, and Newmont has been quite efficient in absorbing positive industry trends. However, ramping up CAPEX amid the gold rush increases risks for investors.
My valuation analysis suggests that all positive catalysts are already priced in by the market and the stock is around 13% overvalued.