HSBC analyst Leroy Mnguni raised the firm's price target on Gold Fields to ZAR 236 from ZAR 224 and keeps a Reduce rating on the shares. The firm says the recent results season has left it more concerned regarding the challenges facing the South America gold miners. Harmony's medium-term capex outlook continued to increase while the declining reserves at Gold Fields is concerning, which may escalate the acquisition risk for the stock, the analyst tells investors in a research note. Meanwhile, the HSBC notes reserves have been declining at AngloGold's Australian operations, with reserve life for the region falling to five years.