SFR – Morgans rates as Hold

Gold output was better than Morgans expected in the March quarter, slightly offset by marginally weaker copper production versus forecasts. The company has added 1.3mt to the DeGrussa ore reserve from an upgrade to C5 resources and conversion to reserves of resources within barrier pillars at the extremities of the ore body.

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SFR – CIMB rates the stock as Upgrade to Hold

A site visit to DeGrussa has left the broker feeling confident the underground mine and copper concentrator are operating close to plan. But where to from here? Sandfire is under no cash pressure and thus is in no rush but it will need exploration success to prompt any re-rating, the broker suggests. The recent share price fall takes the stock to about fair value against the broker’s forecasts which evokes an upgrade back to Hold.

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SFR – UBS rates the stock as Buy

Sandfire’s production for the December quarter was down 6% on the prior quarter while the company reiterated guidance for FY14. UBS maintains a Buy recommendation as Sandfire has achieved nameplate on underground production and a steady state is expected to continue. The price target is raised to $7.70 from $7.40.

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