JPMorgan has raised its recommendation on Hillgrove Resources to “overweight" and lifted its price target by 1¢ to 11¢ as concerns about its ability to repay debt ease.

Of the current debt of about $31 million, JPMorgan believes HGO will make about $15 million of repayments over the next two halves, against free cash flow generation of about $13m and $17m, and an existing $14m cash balance.