BofA Reiterates a Hold on Harmony Gold Mining (HMY) With a R$290 PT

Harmony Gold Mining Company Limited (NYSE:HMY) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on May 28, Jason Fairclough from Bank of America Securities reiterated a Hold rating on Harmony Gold Mining Company Limited (NYSE:HMY) with a price target of R$290.00.

Why Harmony Gold Mining Company Limited (HMY) Crashed On Friday

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

The rating followed the company’s announcement on May 27 that it plans to acquire MAC Copper in a transaction valued at $1.03 billion, marking its strategic entry into the copper market.

The all-cash acquisition would provide Harmony Gold Mining Company Limited (NYSE:HMY) complete ownership of a key Australian asset: MAC’s only CSA copper mine in central western New South Wales. The mine ranks among the country’s oldest and highest-grade copper mines and is also one of the deepest underground operations at 1.9km.

Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure. The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.

While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.