It is time to sell Acacia Mining (LON:ACAA), according to Citigroup, which moves from ‘neutral’ following a 118% rise in the share price.
“We see little scope to improve the ACAA valuation, given that Citi expects the gold price to fall from the current level of US$1,270/oz down to US$1,100/oz over the next three quarters,” Citi analyst Jon Bergtheil.
“ACAA had done very well in the past two quarters after having experienced a period of very difficult operational performance in the quarters prior to that. Bulyanhulu, in particular, has been restored to an efficient operation.
“However, it is our view that the 118% rise in the share price since then has fully discounted the improvement in the operations and the improvement in the gold price.”
Elsewhere, Goldman Sachs has upgraded Booker Group Plc (LON:BOK) to ‘buy’ from ‘neutral’.
Deutsche Bank upped its target for British home builder Taylor Wimpey Plc (LON:TW.) to 261p from 247p and repeated a ‘buy’ recommendation. At the same time JP Morgan Cazenove lifted its bar to 250p from 220p, and repeated its ‘overweight’ rating.
JP Morgan Cazenove, meanwhile, moved its target for DCC Plc (LON:DCC) to 6744p from 6124p and kept an ‘overweight’ rating.