HSBC analyst Leroy Mnguni downgraded Gold Fields to Reduce from Hold with a price target of ZAR 220, up from ZAR 209. The South African gold miners have outperformed peers, trade at elevated valuation multiples, and no longer look attractively priced, the analyst tells investors in a research note. The firm cites the recent gold sector outperformance for the downgrade of Gold Fields.
Published first on TheFly
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