Sibanye Stillwater reinstated with a Neutral at BofA

BofA analyst Reinhardt van der Walt reinstated coverage of Sibanye Stillwater (SBSW) with a Neutral rating and ZAR 55 price target While the firm likes Sibanye’s 3-times gold price beta and 1.4-times platinum beta given that it is constructive on gold and sees upside risk to platinum prices, it remains cautious on the diminishing flexibility at core, cash generating South African assets and sees uncertainty around strategy under the new CEO.