revised price forecast + short sales

excerpt from credit suisse research...

"We have reviewed our valuation of AWB in light of the proposed transaction with Gavilon LLC and the likely impact of the transaction on AWB's earnings and capital profile. With AWB trading at a Price-to-Book ratio of 0.6 times, the proposed transaction at 'Book value plus a premium' highlights the material underpricing of AWB by the market. We now value AWB at $1.55 per share and have a 12-month target price of $1.60 per share" 7th April 2010

Also noticed 44.59% or 3.1 million shares yesterday were short sales.
It'll be interesting to see if the bullish view will be reflected in the broader market's view of AWB and the impact of what could be a lot of short covering...

I'm hoping to see a spike to the previous support/resistance to 1.05-1.10, on breaking 1.10, the next resistance at 1.20 seems likely.

Best of luck to holders and buyers, and to you too, short seller, don't get burnt!