Scotiabank Raises its Price Target on AngloGold Ashanti plc (AU) to $134 and Maintains an Outperform Rating

Core Insights - AngloGold Ashanti plc is recognized as one of the top mining stocks to invest in, highlighting its strong market position and growth potential [1] Analyst Ratings and Price Targets - Scotiabank analyst Tanya Jakusconek raised the price target on AngloGold Ashanti to $134 from $131, maintaining an Outperform rating, citing progress in permitting in Nevada and updates on various assets [2] - JPMorgan analyst Patrick Jones increased the price target to $164 from $131 while keeping an Overweight rating on the shares, indicating strong confidence in the company's future performance [3] - Roth Capital raised its price target to $122 from $92 and reiterated a Buy rating, noting mixed Q4 results but emphasizing strong free cash flow and a higher-than-expected quarterly dividend [4] Financial Performance - AngloGold Ashanti reported a record free cash flow of $2.9 billion in 2025, tripling from previous levels, with adjusted EBITDA more than doubling to $6.3 billion [5] - Gold production increased by 16%, while total cash costs and all-in sustaining costs remained flat in real terms, showcasing operational efficiency [5] - The company declared a Q4 interim dividend of $875 million, or 173 cents per share, contributing to a total of $1.8 billion in dividends for 2025, or 357 cents per share [5] Company Overview - AngloGold Ashanti operates as a gold mining company with a focus on gold exploration and production, along with by-products such as silver and sulphuric acid, across Africa, Australia, and the Americas [6]