RE:CIBC.....brutalI’m suspicious of CIBC. I wonder if there is something going on with this guy. It doesn’t make sense to me, because an objective measure of value already exists. CITIC and Zijin both recently paid CA $3.68 on about $800 million combined. It’s reasonable to assume they would be willing to pay this price again to increase their share of the Company. That puts in a minimum floor of at least CA $3.68. Absolutely nothing has changed since the last CIBC price target.
Is this revenge for some perceived slight? Are they short? All metal prices are up. Yet they keep dropping their price target, even as every project continues to advance. If anyone has their complete detailed analysis, please post it. It would be helpful to see the financial assumptions being used . Something doesn’t smell right. If some variable had changed and they changed their own assumptions in response, I could understand that. But to change a price target when nothing else has changed, makes no sense. There is no logical way to justify that kind of arbitrary moving price target.