analyst comments, page-53

thanks JG, I like your posts also and note you are active on many of the IO stock threads.
The JP Morgan report that was circulated on the AGO thread looked pretty convincing that 90th cost percentile for IO would be $120 for the next few years then decline towards $90. That would be OK for AGO and most others.
The disconnect between this marginal cost and the market pricing is expected over the short term , due to supply / demand, de-stocking, inventory surges and sentiment (to name a few). It surprises me the extent to which that disconnect is factored into the share prices. Feels like the ST is continually swamping the LT. Agree, it does happen on the upside also.
FT