SFR – Credit Suisse rates the stock as Outperform

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Sandfire has reinstated FY20 operating guidance. Guidance was withdrawn as a precaution at the March quarter result but there has been no discernible impact on operations from the pandemic to date.

While there is no insight into expected mining grades, assuming no downtime at the plant Credit Suisse observes the top end of copper guidance is achievable. Gold production is also tracking comfortably within expectations.

Outperform rating and $5.70 target retained.

Sector: Materials.

Target price is $5.70.Current Price is $4.46. Difference: $1.24 – (brackets indicate current price is over target). If SFR meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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