Just caught that Bernstein upgraded Newmont to Market Outperform last month. They're calling for about 4.45% upside from current levels, with a price target around $133. The stock was sitting at $127.47 when they made the call, so not huge upside but decent. Bernstein's been pretty active on this name.

What's interesting is how the institutions are positioning. You've got over 2,200 funds holding NEM, though that's actually down about 150 positions from the prior quarter. But the average fund weight went up 9.67% - so the ones staying in are actually adding. Total institutional ownership is around 927 million shares, down 3.73% but still a solid base.

The big index funds are all in here. Vanguard's total market fund has like 35.8 million shares - up 0.67% from before. Their 500 index fund has 31.6 million. Van Eck really ramped up though, adding nearly 19% more shares and pushing their allocation up almost 30% last quarter. That's the kind of move that catches your eye.

Geode and the mid-cap Vanguard fund are also holding meaningful positions. Geode actually pulled back on allocation despite adding shares, which is interesting. The put/call ratio is 0.71, which leans bullish. Revenue projections are down 44% year-over-year though, so there's definitely some macro headwinds baked in. Bernstein's probably seeing something in the fundamentals that makes them think it's worth the upgrade anyway.