Goldman Sachs initiated coverage on Endeavour Mining and AngloGold Ashanti with Buy ratings, citing their organic growth, strong cash flow and shareholder returns, while both stocks trade at discounts linked to their jurisdictions. For Endeavour, Goldman set 12-month targets of GBP47 per share (EDV.L) and CAD90 per share (EDV.CN), based on 1x net asset value and 4.5x 2027 EV/EBITDA, and expects output to rise from 1.1 million ounces to about 1.5 million ounces by 2030. The Assafou project alone is expected to add 320,000 ounces a year, and the bank estimates shareholder distributions of about $1.8 billion over three years. For AngloGold Ashanti, targets are $104 per share (AU) and ZAR 1,720 per share (ANGJ.J), based on 1x NAV and 6x 2027 EV/EBITDA, with brownfield projects that could add 300,000 to 450,000 ounces a year by 2030, or 10% to 15% growth from the 2025 base.
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Related tickers and likely impact
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/15/2026 | 4,170.88 |
| Change that session | +1.59% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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