mre upgraded to "outperform"; target $1.15, page-4

Nickel ended at US$12.37/lb last night, so if BMO Capital Markets has a "A$1.15 target price"
and
"Their assumption is $10.50 nickel price for 2011."

MRE should perform well due to it's leverage to higher nickel pricing.

NICKEL SUPPORT: $23,600 / RESISTANCE: $27,250
Nickel is at $27,065, up $445, and prices seem to be on track to take out last April?s high of $27,250. After that, the $30,000 mark seems to be the next logical target, although we think nickel will get quite overextended at that level.