Harmony Gold upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Christopher Nicholson upgraded Harmony Gold (HMY) to Overweight from Equal Weight with a price target of ZAR 34,000, up from ZAR 30,000. The firm is raising its earnings estimates and price targets across its gold coverage due primarily to its higher gold price forecast, the analyst tells investors in a research note. . Harmony has also has underperformed a range of global peers over the past 15 months, including South Africa peers, offering a valuation buffer, the firm added.