Shares of gold miner Newmont are at an “attractive entry point” and could jump more than 20% from there, according to Goldman Sachs. Analyst Emily Chieng initiated coverage of Newmont with a buy rating, saying the stock looks undervalued after a 30% decline this year and that the company is lining up new development projects that may support growth. “Recent underperformance presents an attractive entry point for a low-risk gold producer that provides volume growth,” Chieng wrote in a note on Monday. Gold stocks have significantly underperformed both the commodity and the broader market over the past year, according to the note. Gold mining companies are facing rising interest rates, a stronger dollar as well as more cost inflation. Still, the analyst said there are “tactical opportunities” to jump back into gold stocks as capital gains, production growth and margin expansion can differentiate some companies and help them outperform both commodities and the market. The analyst further noted that Newmont offers the highest dividend yield among firms in its precious commodities coverage, at about 5% compared to an average of 3%. Chieng said concerns over rising development capital spending and project delays factored into the stock. “We see above-average production growth to 2026E with the start of development projects including Ahafo North, Tanami Expansion 2 and Yanacocha Sulfides in the next 2-4 years,” Chieng added. The 12-month price target of $53 represents a 22.8% upside from where the stock closed at $43.17 on Friday. Shares rose 1.8% in premarket trading on Monday. —CNBC’s Michael Bloom contributed to this report.