Ann: Bass Metals - BCP Equities Research Note-BSM.AX, page-9

Indeed I believe the targets set by analysts are short term targets very conservative and do not take into consideration the valuation of other graphite non producing companies on ASX (Magnis 400M$, Syrah 1.2Billion$). We have better projects than Magniss and Syrah (lower capex, lower opex) with higher quality premium priced products (90%+ large-jumbo flakes VS under 70% for magnis and 20% for Syrah)  

the targets will increase over time the more Bass succeeds in expanding production and analysts become more confident, note we are now at 3.9c target (first targets were at 3.2c), wich is a good sign, i wont be susprised to see first 5c+ targets by analysts by end of this years. (my own personal target for 2017 is 10c+)

"A major positive is that the project has an off-take agreement in place, which is
already establishing the Graphmada graphite concentrates with its customers.
This, with the low capital required to expand production, the low production costs
and exploration upside combine to make a compelling investment thesis for BSM.
As a result, we are initiating coverage with a Speculative Buy recommendation and
a price target of $0.039/share."