s&p downgrade, page-2

And Citi thinks it's a buy so go figure.

MBN - MIRABELA NICKEL LIMITED
Citi rates MBN as Buy, High Risk (1) - March quarter production was disappointing in the view of Citi and with full year production guidance lowered the broker has adjusted earnings forecasts down.
Production should improve in coming quarters and a near-term resolution to funding would be a positive according to Citi and could prompt a re-rating in the stock. A Buy rating is retained.

Target price is $1.20 Current Price is $0.50 Difference: $0.705 If MBN meets the Citi target it will return approximately 142% (excluding dividends, fees and charges).

The company's fiscal year ends in December. Citi forecasts a full year FY12 dividend of 0.00 cents and EPS of minus 10.92 cents .

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.53.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values. Market Sentiment: 0.6

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is - 3.1, implying annual growth of - 70.1%.Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.Current consensus price target is $ 1.46, suggesting upside of 194.1%(ex-dividends).Current consensus EPS estimate suggests the PER is N/A