Newmont stock fluctuates following Federal Reserve rate hike

Newmont shares experienced volatility following the Federal Reserve's decision to raise interest rates by 25 basis points. The rate hike typically impacts non-interest-bearing assets, causing the precious metals miner's stock to close nearly 2% lower on Wednesday.

Despite the decline, analysts have provided varying outlooks for the company. Royal Bank of Canada raised its price target for Newmont from $135.00 to $155.00, maintaining an 'outperform' rating. Other recent analyst actions include Jefferies Financial Group lowering its target to $146.00 with a 'buy' rating, and TD Securities upgrading the stock to a 'strong-buy' in July.

Market sentiment remains mixed as rising interest rates can dampen demand for gold and silver, which are often viewed as secure stores of value during economic uncertainty. However, the company maintains a 'Moderate Buy' average rating with an average target price of approximately $133.07.