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JPMorgan downgrades Hochschild Mining to ‘neutral’ but lifts price target.

JPMorgan downgraded Hochschild Mining on Monday and placed the shares on ‘negative catalyst watch’ as it took a look at EMEA gold miners.

  • Hochschild Mining
  • 19 January 2026 14:18:28
Hochschild Mining

Source: Sharecast

The bank cut Hochschild to ‘neutral’ from ‘overweight’ but lifted the price target to 670p from 600p.

"As we approach Q4’25 results season, we see several positive catalysts across the EMEA Gold Miners from both consensus upgrades and excess cash returns, but some room for stock-specific downside risks," the bank said. "We also expect creeping cost inflation, as well as potentially higher government royalties (Ghana, Cote d’Ivoire) to be key focal points."

Nevertheless, JPM said EMEA gold miners still carry attractive valuations, mark-to-market upside versus consensus and strong cash returns potential.

"JPM Commodities Research remain bullish gold, forecasting a YE’26 price of circa $5,000/oz and new positive catalysts on the horizon," it said.

JPM said it remains positive long term on gold.

The bank said ‘overweight’ rated AngloGold and Fresnillo remain its preferred names in the subsector. JPM lifted its price target on Fresnillo to 4,700p from 4,300p.

Fresnillo ( FRES )

ISIN: GB00B2QPKJ12
Exchange: London Stock Exchange
Sell:
2,950.00 p
Buy:
2,952.00 p
Change: -145.00 ( -4.65 %)
Date:
Prices delayed by at least 15 minutes

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