On September 17, Anglogold Ashanti rose 3.49% in pre-market trading, trading at $102.72/share, with turnover of $196,900. The rally was driven by consecutive target price upgrades from two major investment banks.

JPMorgan raised its price target on Anglogold Ashanti from $134 to $140 while maintaining an Overweight rating, while RBC Capital Markets lifted its target from $111 to $119, keeping an Outperform rating. According to FactSet, the stock carries an average analyst rating of Overweight with a mean price target of $123.40. The dual upgrades helped offset lingering negative sentiment from BMO Capital's earlier downgrade to Market Perform from Outperform with a $115 target, which had contributed to a 4.39% decline on September 14 amid broader gold sector weakness.

Anglogold Ashanti reported Q2 headline earnings of $1.98 per share, up from $1.25 a year earlier, with gold income rising to $3.03 billion from $2.41 billion. The company maintained its full-year production, cost, and capital expenditure guidance unchanged, and expects unit costs to decline in the second half as production scales up.

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