11:35 AM EDT, 04/26/2024 (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 by $8 to $49, assuming an EV/EBITDA of 7.2x our 2025 EBITDA estimate, in line with NEM's three-year average forward EV/EBITDA and largely in line with peers, which are trading at an average forward EV/EBITDA of 7.0x. We raise our 2024 EPS estimate by $0.69 to $2.79 and our 2025 EPS forecast by $0.23 to $2.82. NEM posted Q1 adj. EPS of $0.55 vs. $0.40, $0.18 above consensus, driven by a strong top-line beat of $340 million, 9% above consensus. Gold production declined 4% sequentially to 1.675 million ounces, with lower production at Tanami due to a planned mill shutdown and lower production from the Nevada Gold Mines JV, partly offset by higher production at Penasquito and Yanacocha and a full quarter of ownership of the Newcrest mines. Adj. EBITDA increased 23% Q/Q, driven by a sequential increase in the average gold price of $86/oz. and a decline in all-in sustaining cost per ounce of $46/oz. We expect non-core asset sales throughout 2024 to drive a $1.0 billion debt reduction.