HSBC has revised its price target for Harmony Gold Mining Company Limited (HMY), lifting it from ZAR 205 to ZAR 295 while maintaining a Hold rating. This adjustment comes in response to gold prices soaring above $3,200 per ounce, driven by market instability, tariff impacts, and recession worries.
Despite the recent uptick in gold prices, HSBC's scenario analysis suggests that there may be potential risks affecting gold miners like Harmony Gold in the short term, with the possibility of a downside. As a result, the firm perceives limited upside potential for Harmony Gold's shares in the near future. Investors are advised to exercise caution when considering the stock, given the current market dynamics.
