$AU

JPMorgan identified seven top gold mining stocks, citing attractive valuations and strong cash positions. AngloGold, Fresnillo, Barrick, Aura, Genesis, Capricorn, and Zijin Gold were highlighted. AngloGold missed Q2 2026 earnings, while Fresnillo beat H1 2026 estimates. JPMorgan rates 16 stocks as overweight and six as neutral in the sector.

AngloGold Ashanti's stock rose 2.8% in pre-market trading due to a rally in gold prices and positive analyst actions. RBC Capital increased its price target to $119, while JPMorgan raised it to $140, both maintaining positive ratings. The company's shares traded near $102.53, up from the previous close of $99.74.

U.S.-listed gold miners rose in premarket trading as bullion prices rebounded 1.4% to $4,324.39/oz. Newmont and Barrick Gold each gained 1.2%, while Harmony Gold and Gold Fields rose 3.7% and 2.3%. The dollar softened, and oil prices retreated, supporting gold's rebound after the Fed's rate hike and hawkish stance.

BMO Capital Markets downgraded AngloGold Ashanti to Market Perform, citing a premium valuation despite steady operations and long-term growth potential from the Arthur Gold Project in Nevada. Analysts forecast $12.1B revenue and $5.5B earnings by 2029, with risks including cost pressures and permitting delays. Some analysts remain optimistic, projecting higher revenue and earnings.

Metals and mining stocks fell sharply as copper, gold, and silver prices dropped. Copper prices declined 5.3% after reports that the White House delayed copper tariffs. Freeport-McMoRan (FCX) fell 7%, Teck Resources (TECK) dropped 6%, and Southern Copper (SCCO) lost 6%. Gold and silver also saw significant declines, with gold down 1.6% and silver down 5.9%. The selloff follows a strong August rally for mining stocks.

AngloGold Ashanti's shares fell 4.4% after BMO downgraded the stock to Market Perform, citing a premium valuation. The company missed Q2 2026 earnings and revenue estimates, though free cash flow and EBITDA improved. Broader market declines and a cooling gold price also pressured the stock, which hit a session low of $102.10.

Anglogold Ashanti (AU) was downgraded to Market Perform by BMO Capital, with an unchanged price target of $115.00. GuruFocus values AU at $60.21, suggesting it is 80.3% overvalued. The company has a GF Score of 78/100, indicating strong financial health and growth but poor valuation. Analysts cite market conditions and gold price fluctuations as reasons for the downgrade.

JPMorgan upgraded Meta (META) to Overweight with an $820 target. Piper Sandler initiated AMD and NVIDIA (NVDA) with Overweight ratings. Gold hit $4,400, Bitcoin rose to $78,000. Brent Crude surpassed $100. Markets fell due to rising rates and geopolitical tensions. August inflation data is expected to impact Fed rate hike decisions.

Analysts downgraded several stocks: Evercore ISI cut Chewy (CHWY) to In-Line with $25 target; Baird and B of A downgraded Cooper Companies (COO) to Neutral with targets $61 and $65; BMO downgraded Anglogold Ashanti (AU) to Market Perform; B of A cut Crescent Capital (CCAP) to Neutral with $10.25 target.

AngloGold Ashanti (AU) reported a significant year-on-year EBITDA increase to US$4.30 billion in H1 2026, driven by higher metal prices and cost efficiencies. The company maintained its full-year production guidance, suggesting its cost-efficiency program is offsetting operational setbacks. AU also proposed a US$2.0 billion share repurchase program, pending approval. Analysts project varying revenue and earnings forecasts for 2029, with some optimistic views and others cautioning about cost pres