Lifts Angloplat's price target

JOHANNESBURG (Reuters) - JP Morgan has set a higher share price target for Anglo Platinum (JSE:AMS) (Angloplat), the world's largest producer of the precious metal, which it described as its preferred major platinum exposure.

JP Morgan said it was "overweight" on Angloplat, a unit of global miner Anglo American (JSE:AGL) Plc, and set a new price of 995 rand per share from its previous 960 rand a share.

Angloplat's shares traded down 1 percent at 697.46 rand at 1025 GMT, in line with a weaker South African Top-40 blue chip index which was down 0.89 percent.

JP Morgan said Angloplat was positioned to respond to the improving platinum group metals demand fundamentals after restructuring.

JP Morgan said Angloplat had improved its operations and safety record, and shut down three unprofitable shafts under Chief Executive Officer Neville Nicolau.

Platinum hit an intraday low around $1,580 an ounce before bouncing and hitting a high of $1,625 -- its strongest since late January.

Article tools

PRINT ARTICLE

SEND TO FRIEND

COMMENTS

  responses to this article

View disclaimer

ADD YOUR COMMENT

View disclaimer

Services

	Subscribe to newsletters
	Feeds
	Become a Facebook fan
	Follow Moneyweb on twitter