NCM – UBS rates the stock as Sell

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UBS updates its numbers to allow for the June quarter production. Lihir grades are beating expectations but the broker expects these to moderate to 2.9g/t in FY17.

Material movements are projected to lift and the broker expects this to weigh on profitability. At this stage guidance for FY17 is limited.

UBS maintains a Sell rating and $12.03 target.

Sector: Materials.

Target price is $12.03.Current Price is $22.88. Difference: ($10.85) – (brackets indicate current price is over target). If NCM meets the UBS target it will return approximately -90% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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