Imugene Price Target Raised 47% to A$0.25/Share by Bell Potter, page-72

To be fair, anyone commenting here needs to have read the whole Bell Potter report.
We here have vested interests and may be a little biased in our view. I have read the whole report (I am a client) and understand why they have come up with a conservative 25c.
Everyone has the right to disagree with them, but remember that they are giving an independent appraisal. They spend some time on possible risk areas, that none of you here have so far considered. These risks are still real possibilities and need to be factored into the SP.