AngloGold Ashanti reinstated with Overweight, $24 target at JPMorgan

JPMorgan analyst Catherine Cunningham reinstated coverage of AngloGold Ashanti with an Overweight rating and $24 price target. The target implies 35% upside but the firm sees further potential upside to its base case estimates if the company is able to fully crystalize intended cost savings and operational improvements under its Full Asset Potential program. AngloGold’s combination of zero South Africa operations, plus a U.S. primary listing, “could help to underpin a sustained re-rating,” the analyst tells investors in a research note.