My view is that a GM renewal is worth more than 2.4 cents. 2.4cents being a bearish outlook even if the GM renewal takes place
GM renewal not only takes out the risk for another set contract period of approx 3 years it also builds confidence amongst investors and potential customers that we are now here for the long game.
I suspect if/when the contract is renewed there will be some good volume that will push us back up to that 2.9-3 cent range
All IMO of course
IIR Initiates Coverage: 4.7c price target (DCF base case), page-3
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