BMO Capital Markets analyst Raj Ray upgraded AngloGold Ashanti Limited AU to Outperform from Market Perform, raising the price target to $22 from $19. The analyst applauds AngloGold's rationale for the corporate reorganization (re-domiciling to the U.K. and moving the primary listing to the U.S. from South Africa) in terms of targeting a jurisdiction with larger capital pools. Ray is bullish about AngloGold's new portfolio rationalization techniques, which can be further streamlined into a package of high-value assets with long life, large production, and low costs. While the upcoming corporate restructuring could still present some uncertainties related to indexation and its impact, seen holistically, there is potential for a high-quality senior gold producer to emerge from the corporate reorganization, asset optimization, and portfolio rationalization process, Ray adds.