15 Cent SWM share price = 3 times current earnings - Momentum is beginning!, page-209

@honeysoy I think you are placing WAY too much credit on the opinions of the analysts at Macquarie.

Now this may come as a surprise to you but most (in fact nearly all) analysts I have observed in Australia do not appear capable of forming an independent let alone contrarian opinion about a stock. Instead, their analyst reports operate as a form of market momentum which drives stocks higher and also lower than can be fundamentally justified. Often you will see analysts ‘revise’ their price targets to be much lower or much higher not because of any fundamental change in the business but merely because the stock is trading higher or lower than their price targets. I fully expect that this same analyst price upgrade cycle which has already begun will help drive the share price of SWM to multi-bagger returns from here.