Harmony Gold upgraded to Overweight from Underweight at JPMorgan. JPMorgan analyst Dominic O'Kane double upgraded Harmony Gold to Overweight from Underweight and raised his price target for the shares to $2.50 from $1.70. The analyst forecasts an "increasingly bullish" macro backdrop for rand-denominated gold prices. Harmony has the highest earnings leverage to gold price, O'Kane tells investors in a research note.
Gold Fields downgraded to Neutral from Overweight at JPMorgan. JPMorgan analyst Dominic O'Kane downgraded Gold Fields (GFI) to Neutral and lowered his price target for the shares to $4.00 from $4.10. With the stock up 50% since March 2017, the analyst sees "limited room" for further outperformance. Instead, he recommends pursuing South African gold exposure with AngloGold (AU) and Harmony (HMY).
Harmony Gold Mining Company said in a statement that one of its employees was fatally injured following a fall of ground incident at its Phakisa mine in Welkom this morning. An investigation into the accident is underway.