Macquarie has updated commodity prices forecasts. This has led to ongoing positive outlook for bulks, the nomination of nickel as favourite for calendar 2017 and the view value is emerging in the gold sector where weakness has followed the election of Donald Trump.
Newcrest Mining is upgraded to Outperform from Neutral.
Target price is $24.00.Current Price is $17.54. Difference: $6.46 – (brackets indicate current price is over target). If NCM meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).