Bellevue Gold is on track to be free of gold hedges by the year's end or soon after, according to MA Moelis Australia's Paul Hissey and Luka Thorpe. A good operational performance and higher gold prices have given it the flexibility to pursue accelerated hedge deliveries aggressively, the analysts say. "As the hedge book is eliminated, the financial output of the business will look completely different, with full exposure to gold price upside generating significant FCF," or free cash flow, Hissey and Thorpe add. They think current prices give "an attractive entry point for investors willing to look through the next six to nine months." MA reiterates a buy rating and a target price of A$2.15. Bellevue is down 2.4% at roughly A$1.34. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)