Deutsche Bank 02/02/2010 5 Sell $3.30 - 9.6%
The broker notes that December quarter production missed because of further issues at Kayelekera. The result sees the broker cut its FY10 production forecast from 5.3Mlb to 4.6Mlb, which it notes is well below the guidance range.
Deutsche expects another loss in FY10 and its FY11-12 EPS declines 14% and 1% after factoring in a slower ramp-up profile. The broker is also negative on the uranium price in 2010 given over supply.
All of the doubts have the broker seeing a good chance of downside risk to its reduced forecasts, with further production delays and higher unit costs a real possibility. The Sell call is maintained and the price target slips 15c to $3.30.
deutsche bank - $3.30
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