WSA – Macquarie rates the stock as Outperform

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Macquarie has upgraded its FY20 and FY21 nickel price forecasts by 34% and 9% respectively to incorporate the early reinstatement of the nickel ore ban. This leads to a 266% increase in forecast FY20 earnings for Western Areas.

Target rises to $3.60 from $2.70, Outperform retained.

Sector: Materials.

Target price is $3.60.Current Price is $3.13. Difference: $0.47 – (brackets indicate current price is over target). If WSA meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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