IGO - UBS rates the stock as Neutral
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Independence Group's Nova mine missed June quarter production guidance due to a processing issue that will be sorted during a scheduled maintenance outage. Nova missed in March, too, but the broker always saw guidance as optimistic and has a forecast at the lower end of the range.
The broker is very keen on the nickel story, based on the EV growth story, but retains Neutral on valuation. Target unchanged at $5.20.
Target price is $5.20.Current Price is $5.05. Difference: $0.15 - (brackets indicate current price is over target). If IGO meets the UBS target it will return approximately 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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