Gold prices have been on the slide since the start of the Middle East conflict, with the share prices of ASX gold producers also heading south as a result.
As the market resets, it can be an opportunity to pick up holdings in gold stocks which might be oversold.
I’ve had a look at the reports coming out of the major broking houses this week and have selected two major gold companies tipped for strong share price gains.
Let’s take a look.
Newmont Corporation (ASX: NEM)
UBS has this week issued a new research report on Newmont, noting that pressures in the gold market generally are mounting.
They predict that gold prices will continue to consolidate around the US$4500 per ounce level.
They added:
At the same time, cost pressures are likely to become more evident in 2Q results, suggesting the recent strong uptrend in consensus earnings for the sector is likely to reverse. Despite broadly attractive spot valuations, we believe gold equities are likely to remain under pressure in the near term.
UBS said against this backdrop they preferred Newmont as the most defensive large-cap miner, driven by conservative 2026 guidance, superior cash returns relative to its peers, and a constructive pathway of catalysts over the next 12 months.
They noted that Newmont had a poor record of meeting guidance in past years, and, “in our view, management is likely to have set conservative expectations in an attempt to build on 2025’s improvement and avoid another guidance miss”.
UBS has a price target of $195 on Newmont shares compared to $151.04 currently.
Northern Star Resources Ltd (ASX: NST)
Shares in Northern Star Resources have spiked this week on news that activist investor Elliott Investment Management had built a stake in the company and was agitating for change.
The investor has published a lengthy report laying out the shortcomings in Northern Star’s recent performance, and is urging the company to undertake a strategic review, appoint new directors and even consider a potential sale.
In response the company said it agreed that it had a superior suite of assets, and also that a search for a new managing director was well underway.
It added:
The Company remains focused on delivering full year guidance and commissioning of the KCGM Mill Expansion, which remains on track to occur in early FY27. Working with the Company’s financial adviser, Goldman Sachs, the Board regularly reviews corporate opportunities, including in relation to managing its existing portfolio of assets and potential broader M&A opportunities.
Citi Research has a price target of $29.70 on Northern Star shares, compared to $22.11 currently.
The post 2 major ASX gold companies which can go much higher according to brokers appeared first on The Motley Fool Australia.
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More reading
- Why Acrow, Ampol, Medallion Metals, and Northern Star shares are racing higher
- Why is everyone talking about Megaport, Ampol and Northern Star shares on Wednesday?
- Why are Northern Star shares jumping 8% today?
- Why this activist hedge fund is buying Northern Star shares and what this means for investors
- 5 things to watch on the ASX 200 on Wednesday
Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.