PLS – Credit Suisse rates the stock as Outperform

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Activity levels have been materially reduced over the December quarter to conserve cash in the current market, with mining down -78%. March quarter sales are guided at 35-50,000t and operating expenditure at $19.8m.

Recovery improved to 60%, which pleased Credit Suisse, and further gains to more than 70% appear realistic. The broker maintains an Outperform rating and reduces the target to $0.55 from $0.60.

Sector: Materials.

Target price is $0.55.Current Price is $0.30. Difference: $0.25 – (brackets indicate current price is over target). If PLS meets the Credit Suisse target it will return approximately 45% (excluding dividends, fees and charges – negative figures indicate an expected loss).


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