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<Research>BofAS Hikes ZIJIN MINING (02899.HK) TP to $31, Rating Buy
Recommend 3 Positive 3 Negative 2 |
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The gold price has elevated by 39% YoY since the beginning of the year, BofA Securities said in a research report. The key driving factors are: 1) the structural fiscal deficit in the US, 2) expectations of interest rate cuts, 3) concerns about threats to the independence of the Fed, and 4) geopolitical tensions and uncertainties. The broker raised its long-term gold price estimate by 25% to USD2,500 per ounce and its long-term silver price estimate by 30% to USD35 per ounce. BofA Securities adjusted Zijin's NPAT forecast for 2025-27 by 1-4%. Its target price was added from HKD26 to HKD31, underpinned by a positive outlook on copper and gold prices and the company's robust production growth. The Buy rating was maintained, and Zijin remained the sector top pick. AASTOCKS Financial News Website: www.aastocks.com |
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