Morgan Stanley Raises Harmony Gold Price Target to ZAR 330; Resolves Eva Project Risk
Morgan Stanley upgraded Harmony Gold to an equal weight rating and lifted its price target by 25% to ZAR 330 from ZAR 265 after a year of underperformance. The firm noted resolution of major Eva Copper Project event risk with updated capital guidance and highlighted integration of the CSA copper mine ahead of interim results and contractor mobilization in Q1 2026.
1. Analyst Upgrade and Price Target Revision
Morgan Stanley moved Harmony Gold to an equal weight rating and increased its target price from ZAR 265 to ZAR 330, marking a 24.5% uplift based on valuation after the stock underperformed over the past year.
2. Eva Copper Project Risk Resolution
The firm indicated that updated capital guidance for the Eva Copper Project has removed a major event risk, improving visibility on project costs and timelines.
3. CSA Mine Integration Progress
Harmony Gold is integrating its newly acquired CSA copper mine in Australia into its reporting and expects to provide specific operational and financial guidance during its next interim results.
4. Upcoming Financial Guidance and Capital Structure Review
Leadership is reviewing the company’s capital structure ahead of the Investing in African Mining Indaba, with detailed interim results and long-term funding plans scheduled for release on March 11, 2026.