Canaccord ups target to $3Still too cheap as they are using $3.50 Cu in '08 and $3.25 in '09.
Even with low $3.25 Cu in '09, they still expect GMI to generate $75MM in net earnings in '09. $3 target price is equivalent to a 4.5 PE.
They calc NAV at $3.20 per share with 8% discount including a modest valuation for the Ni.