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RBS Australia 19/02/2010 1 Buy $3.68 31.9%

Target $3.68 (was $3.70). Underlying earnings were better than the broker had forecast thanks to the exclusion of Ballarat losses, though factoring in the result has little impact on its estimates in coming periods.

In its view the stock is cheap for a large-cap gold play given no hedging or debt and strong expected production growth and so post the result the broker retains its Buy rating.