Sibanye Stillwater price target raised to $8.50 from $7 at BMO Capital

BMO Capital analyst Raj Ray raised the firm’s price target on Sibanye Stillwater (SBSW) to $8.50 from $7 and keeps a Market Perform rating on the shares. The company’s first-half performance was softer from an operational perspective, which included another guidance downgrade for the South Africa Gold business, the analyst tells investors in a research note. BMO expects production to be slightly back-end weighted driven by the PGM – platinum group metal – business, which continues to be the mainstay for the company and sees it being well-positioned to benefit from the recent uptick in PGM prices, the firm added.