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Investing.com - H.C. Wainwright raised its price target on DRDGOLD Ltd. (NYSE:DRD) to $30.50 from $18.75 on Tuesday, while maintaining a Buy rating on the gold mining company. The stock, currently trading near its 52-week high of $26.98, has delivered an impressive year-to-date return of 213%. According to InvestingPro analysis, the company appears fairly valued at current levels.
The significant price target increase reflects growing investor interest in DRDGOLD’s Vision 2028 Initiative over the past year, further supported by strength in gold prices, according to the research firm.
Vision 2028 represents a growth strategy to expand DRDGOLD’s gold operations with approximately R7.8 billion (approximately $449.7 million) in expected capital expenditures, including modernization of the Ergo Processing Plant with solar power and battery storage integration.
The initiative also includes Knights Tailings Reclamation focused on recovering gold from historical tailings, with management expecting these upgrades to support increased throughput while extending the plant’s operational life.
At the FWGR operation, Vision 2028 plans include more than doubling the Driefontein 2 plant’s processing capacity from 500,000 to 1.2 million tonnes per month, with a new Regional Tailings Storage Facility to accommodate the higher throughput.
In other recent news, DRDGOLD Limited announced a significant increase in its financial performance for the fiscal year ending June 30, 2025. The company reported annual revenue of R7,878.2 million, which marks a 26% increase from the previous year’s R6,239.7 million. Operating profit also saw a substantial rise, reaching R3,523.6 million, a 69% increase compared to the prior year. Earnings per share grew by 69% to 260.1 South African cents, up from 154.3 cents the previous year. Additionally, DRDGOLD declared a final cash dividend, further highlighting its strong financial position.
H.C. Wainwright has reiterated its Buy rating on DRDGOLD, setting a price target of $18.75 following these robust earnings results. The analyst firm noted the company’s increased net income, which rose to R2.59 per share, a significant improvement from R1.54 per share in the previous fiscal year. These developments reflect a positive outlook for DRDGOLD, as indicated by the analyst’s continued confidence in the company’s stock.
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