Deutsche Bank Starts Harmony Gold (HMY) at Buy; Come to Papua

Deutsche Bank initiates coverage on Harmony Gold (NYSE: HMY) with a Buy. PT R125.

Deutsche analyst says, "On our estimates, Harmony's current operations are fully priced into its share price. Our target price includes our valuation of Wafi-Golpu given our view that this asset has the potential to operationally transform Harmony in the longer term."

"We believe other gold miners could seek exposure to Wafi-Golpu as a low-cost gold mine. Alternatively, global diversified miners who desire copper production growth may seek to buy out Harmony to obtain the relatively high-grade Wafi-Golpu copper/gold orebody."

For more ratings news on Harmony Gold click here and for the rating history of Harmony Gold click here.

Shares of Harmony Gold closed at $13.13 yesterday.

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