zinifex...one for the lazy bull, page-37

re: raging bull....... 0942 [Dow Jones] STOCK CALL: JP Morgan initiates coverage on Zinifex (ZFX.AU)
with Underweight rating and A$5.75 price target. Says company trading at 52%
premium to A$4.81 valuation. "To justify the current share price, we would need
to raise our long-term zinc price forecast 31% from US$0.48/lb to US$0.63/lb or
increase all our zinc price assumptions from 2006 to 2025 by 13%. We see limited
organic growth options for Zinifex; de-bottlenecking at smelters may see some
capacity creep but the company needs exploration success at its Century mine to
significantly enhance value." ZFX last A$7.50. (DWR)