Morgan Stanley analyst Christopher Nicholson downgraded Harmony Gold to Underweight from Equal Weight with a price target of ZAR 7,000, down from ZAR 8,800. Elevated gold prices have provided scope for South African gold equities to “lean into” increased capital intensity and M&A, but the firm thinks shareholders should “lean away” from the full valuations given that it sees “history stacked against the long-term investment case,” the analyst tells investors.
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