Royal Bafokeng Platinum Rated `Hold' in New Coverage at Renaissance BJM

Royal Bafokeng Platinum Ltd, a South African producer of the metal, was rated “hold” with a price estimate of 68 rand a share in new coverage at Renaissance BJM, a unit of Moscow-based Renaissance Capital Ltd.

“The company was the target of two pre-listing bids and we believe potential corporate action will provide a valuable underpin to its share price,” Johannesburg-based analyst Emma Townshend wrote in an e-mailed report to clients dated today. Northam Platinum Ltd. and Aquarius Platinum Ltd. “provide better near-term growth and are cheaper on relative valuation multiples,” according to Townshend.

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