In a roundup of significant analyst actions from today, several companies have made headlines due to substantial forecast adjustments and strategic developments.

Newmont Corporation (NEM-N, NGT-T)

Citi analyst Alexander Hacking has adjusted his forecasts for Newmont Corp., lowering his earnings estimates for 2025 and 2026 following a recent guidance cut direct from the company. The reassessment stems from a combination of operational issues and changes in commodity price expectations, particularly for gold. Hacking projects gold prices to potentially reach $3,000 per ounce by the end of 2024, driven by a weakening labor market in the U.S., persistent high-interest rates, and elevated ETF demand.

The downgrade in earnings reflects a revised estimate of $0.93 per share for Q4 2024 and $3.66 and $3.82 for fiscal years 2025 and 2026, respectively. Despite these adjustments, Citi maintains a "buy" recommendation for Newmont due to its fundamentally strong metrics, including low operating costs and a stable balance sheet. However, the stock's target price has been reduced from $66 to $45, still above the current market consensus target of $56.66.

Altius Minerals Corp. (ALS-T)

Scotia Capital's Orest Wowkodaw upgraded Altius Minerals after significant progress on Champion Iron's Kami Fe project in the Labrador Trough, which Altius holds a 3% royalty on. Wowkodaw announced a revised 12-month target of $33 (up from $27), highlighting the project’s promising future. The construction period is anticipated to last four years, with production expected to start in 2031. This positive trajectory for Altius, along with expected revenues from other projects, justifies the upgrade to a "sector outperform" rating, indicating strong anticipated performance.

Lithium Royalty Corp. (LIRC-T)

Citi's Patrick Cunningham views Lithium Royalty's recent deal with Triple Flag Precious Metals for a 0.5% gross overriding royalty as an opportune acquisition strategy at a low cycle moment. He raised LIRC's target price to $7.50 from $7, while maintaining a "buy" recommendation due to its diversified asset portfolio and promising growth in the lithium market driven by electric vehicle (EV) demand. The market is poised for supply challenges, which could lead to increased lithium prices.

STEP Energy Services Ltd. (STEP-T)

Conversely, ATB Capital Markets' Waqar Syed downgraded his forecast for STEP Energy, citing a weaker outlook for pumping services amid falling commodity prices and competitive pressures. The firm's EBITDA expectations for 2024 and 2025 have been cut by 11% and 16%, respectively, reflecting the struggling market conditions. Despite maintaining an “outperform” rating, the price target has been adjusted down to $5 from $5.50.

Draganfly Inc. (DPRO-Q, DPRO-CN)

Draganfly has gained traction as investors increasingly favor unmanned aerial vehicles. Analyst Scott Buck from H.C. Wainwright noted a 65% rise in Draganfly's shares following positive industry developments. While the company has yet to finalize sizable governmental contracts, the potential for military income could lead to further stock appreciation. Buck raised the share price target to $7, positioning Draganfly favorably within a booming sector.

Other Notable Analyst Actions

H.C. Wainwright’s Andres Maldonado initiated coverage of EnGene Holdings with a “buy” rating and a target of $25, highlighting innovative cancer treatments.

CIBC’s Kevin Chiang lowered his target for Bombardier due to potential export tariffs but remains optimistic with an "outperform" rating.

CAE Inc. and Neptune Digital Assets also saw target price adjustments from various analysts in response to recent operational changes and market conditions.

This week’s adjustments indicate a landscape marked by volatility but also opportunity, particularly in sectors like gold, lithium, and UAV technology. Investors should keep an eye on these developments as they unfold, potentially signaling critical market shifts in the coming quarters.