Byron $0.90 target extremely conservative !!!The new Byron target with a "strong buy" opinion is extremely conservative:
1. Based on Maracas only.
2. Based on min. 40% stake only
I really like the last sentence on page 1:
"And if the investment community ignores that (the 0.90 target), then we are fairly certain that interested metals traders and steel companies will not".
They clearly suggest that Glencore, Xstrata, Vale or another big player will make a takeover bid if the shares don't go up a lot quickly. Once the LOI has become a definitive agreement. then the instituitional investors will start buying as the upside remains huge but the overall risk has decreased substantially. Byron knows this better than anyone else, which is why they are buying aggressively from the idiots who are selling right now.........