Sibanye Stillwater (SBSW) Hits New All-Time High on Bullish Reco

Sibanye Stillwater Limited (NYSE:SBSW) is one of the 10 Stocks Crushing Market Expectations.

Sibanye Stillwater jumped to a new all-time high on Monday, touching $8.06 before paring gains to end the day just up by 4.76 percent to $7.93 apiece, with investor sentiment buoyed by Wall Street Zen’s more bullish recommendation on its stock.

In a market note over the weekend, Wall Street Zen upgraded its stock to “buy” from “hold” previously.

The recommendation followed the company’s revival of its Burnstone gold project in South Africa, with an additional $281 million investment expected to be poured in after a 4 billion rand expenditure already infused into the project.

According to Sibanye Stillwater Limited (NYSE:SBSW), it expects to exploit favorable gold pricing within 20 years of expected operations for the project.

A mining truck loaded with precious metals in an open pit mine.

In recent news, Sibanye Stillwater Limited (NYSE:SBSW) announced a more optimistic business outlook for the rest of the year, as it expects to continue posting positive outcomes from its actions over the past two years.

In the first quarter of the year, Sibanye Stillwater Limited (NYSE:SBSW) registered an 89-percent jump in adjusted EBITDA of $222 million as a result of its diversification and restructuring program. Among its businesses, PGM operations was the strongest, contributing $137 million.

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