Nickel Takes The Limelight, But Will It Last?
Nickel prices have surged recently but as some brokers assess, fundamentals do not appear to be supporting the rally. Hence, a retracement is considered highly likely.
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News
Plucky Panoramic Plots Return To Savannah
The rally in a broad sweep of commodity prices has not only benefitted the big end of town where the likes of BHP Billiton and Rio Tinto have gone a long way in justifying their strong share price recoveries by posting big profit gains for the December half and 2016 calendar year respectively.
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Analyst Views
PAN – Macquarie rates the stock as Outperform
Panoramic Resources' underlying earnings were in line with expectation. No guidance was provided and the broker has made no changes to forecasts.
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PAN – Macquarie rates the stock as Reinstate Coverage with Outperform
Macquarie reinstates coverage with an Outperform rating and 70c target. The company is in the process of re-starting production at Savannah. First concentrate shipments are expected in January.
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PAN – Macquarie rates the stock as Cessation of coverage
Panoramic’s result was weaker than expected. It’s academic, as the company will cease nickel production in May.
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PAN – UBS rates the stock as Neutral
Nickel production was below the broker’s forecast in the March quarter while aggregate site costs were flat.
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PAN – Macquarie rates the stock as Outperform
The broker has cut its Panoramic target to 80c from 85c to reflect exploration expenses, but reiterates that PAN is the only pure-play nickel stock offering value at current nickel spot prices, and Savannah North could add materially to mine life.
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