HSBC upgraded Harmony Gold (HMY) to Buy from Hold with a price target of $365, up from $260. The firm believes gold can trade above $4,000 per ounce in the near term on geopolitical risks, fiscal uncertainties, and threats to Federal Reserve’s independence. Harmony’s share underperformance versus peers is overdone, the analyst tells investors in a research note. HSBC believes that with a high-single-digit capital return and potential double-digit dividend yield over the next year, Harmony’s risk/reward is favorable.
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