Harmony Gold upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Catherine Cunningham upgraded Harmony Gold to Neutral from Underweight with a price target of $8.20, up from $4.90, as part of a broader research note on Metals and Mining. Metal prices have been quick to react to China economic policy announcements but do not appear to assign significant risk premia to trade-related outcomes, specifically higher tariffs, despite this being a potential risk mentioned by clients post the U.S. Presidential election, the analyst tells investors in a research note. The firm adds however that in contrast to industrial metals, gold equities carry significant upside to the firm’s price targets, stating that JPMorgan is bullish on gold heading into the Fed cutting cycle and geopolitical risk. Harmony is the most leveraged to gold prices in the firm’s coverage as JPMorgan is raising its 2025 forward curve gold price by 11%, the firm noted.