On September 10, Anglogold Ashanti fell 5.62% in regular trading, trading at $102.67/share, with turnover of $24.72 million. The decline was triggered by BMO Capital downgrading the stock from Outperform to Market Perform, setting a price target of $115.
BMO's new target of $115 sits well below the analyst consensus mean price target of $135.59, according to FactSet data, while the average analyst rating remains at Overweight. The significant gap between BMO's revised outlook and broader market consensus weighed heavily on short-term sentiment. Meanwhile, the broader gold sector faced selling pressure, with peers including Newmont Mining down 3.29%, Coeur Mining down 4.17%, Agnico Eagle Mines down 2.92%, Barrick Mining down 2.70%, and Franco-Nevada down 1.58%.
On the fundamentals side, Anglogold Ashanti reported Q2 headline earnings of $1.98 per share, up from $1.25 a year earlier, though below the FactSet consensus estimate of $2.38. Gold income rose to $3.03 billion from $2.41 billion year-over-year. The company maintained its full-year production, cost, and capital expenditure guidance and projected lower unit costs in the second half as production scales up.
Anglogold Ashanti is a global gold mining company operating across four continents in 11 countries, with gold as its primary product and silver and sulphuric acid as by-products.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments