HSBC Upgrades AngloGold Ashanti to Neutral (AU)
AngloGold Ashanti (NYSE:AU) was upgraded by analysts at HSBC from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $13.80 price target on the stock. HSBC’s price objective points to a potential downside of 6.76% from the stock’s previous close.
The analysts wrote, “We forecast Q3 loss of USD0.02 per share vs. HEPS of USD0.29 in the previous quarter, as higher production of 988koz, up 6% at cash costs of USD857/oz, down 4% q-o-q, is offset by a 6% fall in the gold price. AngloGold announced first gold production at Tropicana and Kibali ahead of schedule and on budget. We view this as positive as the projects ramp-up towards full production by end-2014 and make significant contributions to cash flows due to their lower-than-average cost profile and reducing capex commitment.”
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG upgraded shares of AngloGold Ashanti from a “sell” rating to a “neutral” rating in a research note to investors on Monday. Separately, analysts at JPMorgan Chase & Co. upgraded shares of AngloGold Ashanti from an “underweight” rating to a “neutral” rating in a research note to investors on Thursday, September 12th. Finally, analysts at Zacks upgraded shares of AngloGold Ashanti from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, August 14th. They now have a $13.20 price target on the stock. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.18.
Shares of AngloGold Ashanti (NYSE:AU) traded up 1.15% during mid-day trading on Monday, hitting $14.97. 689,691 shares of the company’s stock traded hands. AngloGold Ashanti has a 52 week low of $11.62 and a 52 week high of $34.97. The stock’s 50-day moving average is $13.32 and its 200-day moving average is $15.42. The company’s market cap is $5.794 billion.
AngloGold Ashanti Limited (NYSE:AU) is a global producer of gold.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.