J.P. Morgan Names AngloGold Ashanti (AU) Top EMEA Gold Pick, Raises December 2026 Price Target to $63

AngloGold Ashanti PLC (NYSE:AU) is one of the best stocks to buy amid gold rally. On July 15, J.P. Morgan shifted its top pick among gold miners in the Europe, Middle East, and Africa (EMEA) region from Fresnillo PLC to AngloGold Ashanti. The firm cited cost pressures and operational factors despite a strong gold price outlook.

The bank has placed AngloGold Ashanti on “Positive Catalyst Watch” ahead of its half-year 2025 results, due on August 1. It highlighted the company’s forecasted Q2 gold production of 734,000 ounces, up 2% from Q1, and an all-in sustaining cost (AISC) of $1,743/oz, which is 5% above the top end of prior guidance. Free cash flow is projected at $575 million, with a potential dividend of $1.15 per share based on a 50% payout policy. J.P. Morgan raised AngloGold’s December 2026 price targets to $63 per share (for NYSE-listed shares) from $58 and to ZAR 1,140 from ZAR 1,096 (Johannesburg listing).

In contrast, Fresnillo faces headwinds primarily from the strengthening of the Mexican peso by about 11% year-to-date. This movement, the bank stated, puts pressure on the company’s costs, as around 40% of its expenses are peso-denominated. This has led to concerns that Fresnillo may need to raise its cost guidance, potentially reducing investment upside.

AngloGold Ashanti PLC (NYSE:AU) is a global gold mining company. It explores for, develops, and produces gold across operations in Africa, the Americas, and Australia. The company’s key assets include the Geita mine in Tanzania, the Obuasi and Iduapriem mines in Ghana, and the Tropicana and Sunrise Dam mines in Western Australia. AngloGold Ashanti also owns the Arthur Gold Project in Nevada, USA, which is one of the largest undeveloped gold discoveries in the country. Its primary product is gold bullion, refined from both open-pit and underground mining operations.

READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.

Disclosure: None. This article is originally published at Insider Monkey.