Harmony Gold upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Jared Hoover upgraded Harmony Gold to Equal Weight from Underweight with a price target of ZAR 76, up from ZAR 40. Although the company’s operational and financing risks are heightened relative to the rest of the South African gold space, this is balanced in the near-term by Morgan Stanley’s "bullish" gold price forecast, management expectations to offset load curtailment impacts in the second-half of 2023 and a reiteration of 2023 guidance, the analyst tells investors in a research note.