H.C. Wainwright raised its target on DRDGOLD Ltd. (NYSE: DRD) to $46.50 from $36.25 and maintained a Buy rating, citing a mix of stronger commodity prices and company-specific catalysts.
The research house highlighted recent gains in the gold price as a primary driver behind the new target. Gold exceeded $5,400 per ounce, closing at $5,402 per ounce on January 29, 2026, and that price strength informed the firm’s decision to lift its forecast for DRD.
Alongside the price-target increase, H.C. Wainwright adjusted the NAV multiple applied in its valuation model to 2.0x from the previous 1.8x. The firm said the higher multiple better captures the current appetite for gold exposure and the potential profitability tied to the company’s Vision 2028 Initiative.
The research note underscored expectations that Vision 2028 continues to attract investor interest and investment into the business, and that the program will ultimately generate substantial incremental cash flows. H.C. Wainwright cited DRDGOLD’s track record of steady production and dividend distributions as additional reasons to keep a Buy recommendation intact.
Market metrics referenced in the note and by market-data services show DRD trading at $35.49 at the time of publication, with a 12-month total return of 248.75%. Fair Value calculations included in the market data still signal the stock is undervalued despite recent appreciation.
Additional balance-sheet and income facts were noted in support of the firm’s stance: DRDGOLD has sustained dividend payments for 18 consecutive years and currently offers a yield of 1.04%. The company’s liquidity profile was characterized as holding more cash than debt, and it carries an "EXCELLENT" financial health score in the referenced data set.
Investors should also be aware of near-term reporting timelines: DRD’s next earnings report is scheduled for February 13.
Context and implications
H.C. Wainwright’s changes - both the higher price target and the NAV multiple revision - reflect the research firm’s appraisal of market conditions for gold and its view of DRDGOLD’s potential to convert Vision 2028 into additional cash generation. The firm pointed to historical consistency in production and dividends as reinforcing the Buy stance.
Data points reiterated in the note and market data
- New price target: $46.50, prior target: $36.25
- Gold closing price used by the firm: $5,402 per ounce on January 29, 2026
- NAV multiple revised to 2.0x from 1.8x
- DRD trading level cited: $35.49
- 12-month return: 248.75%
- Dividend history: 18 consecutive years; current yield: 1.04%
- Balance-sheet note: more cash than debt; financial health scored as "EXCELLENT"
- Next earnings date: February 13
Those metrics were used by the research firm to support its valuation and recommendation decisions without introducing additional assumptions about future outcomes beyond the firm’s stated expectations for Vision 2028 and prevailing gold market dynamics.