Newmont downgraded on rising costs despite record gold prices, raising caution for investors.

National Bank downgraded Newmont Corporation from Outperform to Sector Perform and cut its price target to $130 due to rising costs including higher diesel prices, new taxes in Ghana, and operational disruptions like the Cadia mine pause. Despite record gold prices boosting revenue, Newmont faces margin pressure with 2026 all-in sustaining costs (AISC) rising sharply to $1,680 per ounce. The company’s gold production is expected to decline in 2026, and recent events like the Cadia mine suspension add uncertainty. While Newmont still offers strong reserves, dividends, and buybacks, investors should watch upcoming earnings closely for cost management and production recovery signals.