RBS Australia 02/10/2009 1 Upgrade to Buy from Hold $3.32 14.9% Target $3.32 (was $3.00). On increases to its medium and long-term gold price forecasts the broker has lifted earnings estimates for the company from FY11, which has a flow through increase on its valuation and price target.
This plus recent share price weakness combine to see the broker upgrade to a Buy rating, supported by its view it is trading on a cheap multiple compared to its historical average at present.
LGL Price at posting:
$2.89 Sentiment: None Disclosure: Held
