If you're looking for exposure to the sky high gold price, then you may want to check out what analysts at Morgans are saying about a few ASX 200 gold shares.
As you will see below, the broker believes that only one of these three popular ASX 200 gold shares are buys right now.
Let's see what its analysts are saying:
Image source: Getty Images
Evolution Mining Ltd (ASX: EVN)
This ASX 200 gold share has been a great place to invest in 2023. Since the start of the year, Evolution's shares are up 32%. In light of this, the broker believes its shares are fully valued now. Morgans has a hold rating and $3.74 price target on them. It commented:
EVN's share price reflects a solid run in the gold price. The gold miner is trading above our target price, and given revised production and underperformance at Red Lake, we maintain a Hold.
Newcrest Mining Ltd (ASX: NCM)
With its proposed $28.8 billion takeover by Newmont looking likely to happen, the broker believes investors should skip Newcrest now. Morgans has a hold rating and $25.70 price target on the mining giant's shares. It said:
NCM's share price is gravitating towards the Newmont offer price and currently trades at 8.8x EV/EBITDA. We see limited upside from here and maintain a Hold rating.
Regis Resources Ltd (ASX: RRL)
Regis Resources is the ASX 200 gold share to buy right now according to Morgans. With its shares underperforming the rest of the industry this year, the broker believes a buying opportunity has been created. Particularly given its recent quarterly update, which impressed Morgans. The broker has an add rating and $2.51 price target on its shares. It commented:
RRL delivered a decent March quarter result, with a healthy AISC margin of US$650/oz. RRL expects a better Q4FY23 as the capex phase tapers off and the cash build begins. RRL's McPhillamys (growth project) FID is anticipated in Q3FY24.
Within our current formal coverage, Regis Resources (RRL) remains our preferred producer for its attractive valuation, low-risk profile (assets in WA/NSW), sustained capital spending, and organic growth project. Additionally, consolidation in the large cap domain will benefit RRL, in our view.
