JPMorgan raises target for AngloGold Ashanti stock to USD 140

JPMorgan raised its price target for AngloGold Ashanti stock from USD 134.00 to USD 140.00 in a September 15, 2026 research note, while keeping an overweight rating, according to MarketBeat. The target matters because AngloGold Ashanti's latest quarterly results combined strong cash generation with earnings and revenue below consensus.

Cash flow strengthens in Q2

For the second quarter of 2026, free cash flow rose 36.00 percent year over year to USD 727 million, according to Business Wire. That comparison gives investors a clearer operating signal than the headline earnings miss because it tracks cash available for dividends, buybacks and project investment.

AngloGold Ashanti's second-quarter earnings-call transcript also reported EBITDA up 46.00 percent to USD 2.0 billion and cash generated from operations up 49.00 percent year over year to USD 1.4 billion, according to Benzinga. The same transcript put second-quarter basic earnings per share at 197 cents, up from 132 cents in the prior-year quarter.

Nevada adds a growth angle

On September 25, 2026, AngloGold Ashanti hosted institutional investors and analysts at its Beatty Mining District in Nevada, according to Business Wire. The district is anchored by the North Bullfrog project and the Tier-One Arthur project, giving the company a concrete development story beyond current gold output.

That growth narrative is balanced by valuation risk. On September 10, 2026, BMO Capital downgraded the shares from outperform to market perform while retaining a USD 115.00 target, citing a premium price-to-net-asset-value valuation, as Investing.com reported.

Results date sets the next marker

AngloGold Ashanti's third-quarter 2026 results are scheduled for November 5, 2026, according to The Wall Street Journal. That report should show whether the cash-flow advantage persists while investors assess Nevada spending and the valuation concern raised by BMO.

Stock stays below its yearly high

On October 1, 2026, NYSE: AU was last at USD 94.20 at 4:00 p.m. ET. Its 52-week range was USD 62.55 to USD 129.14, and market capitalization stood at USD 47.6 billion on the same date.