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Investing.com - JPMorgan has upgraded Bellevue Gold Ltd. (ASX:BGL) from Neutral to Overweight, raising its price target to AUD1.90 from AUD1.40, citing an approaching operational inflection point.
The gold miner has significantly underperformed its ASX-listed peers, gaining just 17% year-to-date compared to an average 135% increase across JPMorgan’s other gold coverage stocks, while the ASX200 rose 5%.
JPMorgan notes the Bellevue Gold Project ramp-up is nearing completion with grade control drilling and development ahead of production fronts, mining progressing into higher-grade areas, and September quarter processing rates of 96% exceeding the 93.5% target.
The investment bank highlights exploration potential returning to focus in FY27, suggesting significant opportunities for resource growth and mine life extensions for the Australian gold producer.
JPMorgan’s revised model maintains FY26 earnings at $145 million while reducing FY27 earnings by 15% to $270 million after adjusting AISC higher, with the bank noting attractive valuation metrics including a P/NPV of 0.7x, FY27 FCF yield of 20%, and FY27 EV/EBITDA of 3x.
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