analyst comments, page-5

UBS rates it as a sell:

UBS 28-Aug-12
The Atlas result missed consensus by miles, with revenues lower than expected and costs higher. Cashflow was reasonable, the broker suggests, and a 3c dividend was a surprise compared to the broker's 1c forecast.

With costs expected to increase in FY13 the broker has downgraded earnings by 40% and dropped its target to $1.50 from $1.85. AGO has plenty of money for acquisitions and expansions, but at current spot, iron ore is losing money and burning that cash. It will all depend on what that price does.

Downgrade to Sell.