RRL – Credit Suisse rates the stock as Upgrade to Neutral from Underperform

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Credit Suisse notes the revised definitive feasibility study for McPhillamys is due in the first half of FY20 and may reveal improved economics on incorporating the higher-grade satellite, Discovery Ridge.

Nevertheless, the severe drought conditions in NSW, as rural properties struggle for water, could add complexity to the granting of permits.

The broker upgrades to Neutral from Underperform, amid higher gold price assumptions. Target is raised $4.95 from $3.90.

Sector: Materials.

Target price is $4.95.Current Price is $4.99. Difference: ($0.04) – (brackets indicate current price is over target). If RRL meets the Credit Suisse target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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