If you really want an example of how moronic these institutions can be, have a look at the following U price assumptions used by UBS in a research note on PDN published on 13/6/2007 with a 'BUY' recommendation.
From memory the long term price at the time was around $US90/lb. I don't think the GFC alone can be blamed for that one.
OPERATIONAL ASSUMPTIONS
Year End Jun DH06 JH07E 2006 2007E 2008E 2009E Uranium price: US$/lb 54.3 119.7 40.2 87.0 110.0 120.0
The moral of the story is, all the 'fluff' has come out of analysts' long term forecasts and the very conservative DB are intentionally erring on the downside - which is not a bad thing.
.... just imagine how compelling EXT's numbers will look down the track if, or when, U prices do a 'u' turn.
EXT Price at posting:
$8.97 Sentiment: LT Buy Disclosure: Held
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