OK, so I got to the bottom of this defaults business. The dumb...

OK, so I got to the bottom of this defaults business. The dumb ar@e hedge fund analyst didn't understand the difference between defaulting growers and deferred payment growers. Sheesh.

I did manage to get a look at the latest UBS research note however. They have upped their target price by $0.10 to $2.80. Both their upside scenarios ($5.66) and downside scenarios ($1.25) appear to be using a low oil prices and heartwood yields, so it's looking pretty good. Note that downside case factors in no new plantations established going forward.

Load up on SP softening I reckon!