The firm argued that there are 'tactical opportunities' to jump back into gold equities.
Shares of gold mining company Newmont are at an "attractive entry point" and could jump more than 20% from here, according to Goldman Sachs. Analyst Emily Chieng initiated coverage of Newmont with a buy rating, saying the stock looks undervalued after falling 30% this year and that the company has new development projects in the pipeline that can boost growth.
Still, the analyst argued that there are "tactical opportunities" to jump back into gold stocks as capital returns, production growth and margin expansion can differentiate some companies, and help them exceed both commodity and the market. The analyst further noted that Newmont offers the highest dividend yield among the firms in its precious commodities coverage, about 5% compared to 3% on average.
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