WHC Chart, page-530

Whitehaven Coal (WHC) Upgraded to Accumulate from Hold by Ord Minnett and Buy from Sell by Citi B/H/S: 4/3/1
Ord Minnett has increased its forecasts for coal, iron ore and copper, while downgrading near-term gold price forecasts. The broker upgrades Whitehaven Coal to Accumulate from Hold and the target to $3.30 from $3.00.
The upgrade is driven by a higher valuation and a strong free cash flow forecast. Ord Minnett recognises it is late in its call but estimates the stock will be net cash within a year.
Citi commodities analysts have changed their view on commodities, now expecting 2016’s momentum is likely to remain the dominant theme for 2017 and 2018. Price estimates have all gone up. Whitehaven Coal has received a double-whammy upgrade to Buy from Sell.