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HSBC raised the firm’s price target on Harmony Gold (HMY) to ZAR 295 from ZAR 205 and keeps a Hold rating on the shares. The firm says market volatility, tariffs, and recession fears have “catapulted” gold above $3,200 per ounce. However, its scenario analysis indicates risks may be skewed to the downside for the miners in the near term. HSBC sees limited upside in the near-term for the shares.
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