AngloGold Ashanti upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Jared Hoover upgraded AngloGold Ashanti to Overweight from Equal Weight with a price target of ZAR 510, up from ZAR 305. The stock’s valuation does not reflect the late-cycle environment or Morgan Stanley’s bullish gold price outlook, the analyst tells investors in a research note. The firm has increased confidence in AngloGold’s turnaround given the tangible improvements that are being observed.