First-quarter results were mixed, Macquarie observes, with strong copper and gold production offset by higher-than-expected cash costs.
2020 guidance is unchanged and the ramp up at Carrapateena is running ahead of expectations. Macquarie retains an Outperform rating and $10.80 target.
Sector: Materials.
Target price is $10.80.Current Price is $8.73. Difference: $2.07 – (brackets indicate current price is over target). If OZL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
