Morgan Stanley Upgrades Harmony Gold (HMY) to Equal Weight Following Year of Underperformance

Harmony Gold Mining Company Ltd. (NYSE:HMY) is one of the most undervalued gold stocks to buy according to analysts. On January 23, Morgan Stanley upgraded Harmony Gold from Underweight to Equal Weight and increased the price target to ZAR 330 from ZAR 265. The upgrade is based on the stock’s valuation following a year of underperformance. Additionally, the firm noted that a major event risk has been resolved now that the updated capital guidance for the Eva project is public.

Strategically, Harmony Gold Mining Company Ltd. (NYSE:HMY) is successfully integrating the newly acquired CSA copper mine in Australia into its corporate systems, with specific guidance for the asset expected during the upcoming interim results. Progress is also being made at the Eva Copper Project, where the newly appointed contractor is scheduled to mobilize to the site in the March 2026 quarter.

As the leadership team prepares for the Investing in African Mining Indaba, Harmony Gold Mining Company Ltd. (NYSE:HMY) continues to review its capital structure to ensure it can fund long-term growth projects while delivering competitive shareholder returns. Detailed operational and financial figures will be officially released on March 11 this year.

Morgan Stanley Upgrades Harmony Gold (HMY) to Equal Weight Following Year of Underperformance

Harmony Gold Mining Company Ltd. (NYSE:HMY) explores, extracts, and processes mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits.

While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

Source link