Ann: December Quarterly Report , page-12

RBS Australia 29/01/2010 1 Buy $41.49 29.1%
Target $41.49 (was $41.28). In the broker's view the company continues to make good progress in reaching production targets at Telfer and Cadia Valley, while it is also achieving goals with respect to lowering operating costs.

Following the December quarter result the broker makes some minor changes to its forecasts and price target but retains its Buy rating.

Citi 29/01/2010 1 Buy, Medium Risk $37.70 17.3%
Citi notes gold and copper production rebounded strongly in the December quarter and while group gold fell a tad short of the broker's estimates, it is still comfortable with its FY10 forecasts.

The highlight of the result, notes Citi, was the outstanding performance on costs, which was aided by strong copper by-product credits.

The production outcome combined with gold and copper prices see the broker raise its FY10 underlying earnings estimate by 12%, noting that at current spot gold, copper and AUD, the upside to its new base case forecasts is around 20-50%.

The stock remains Citi's preferred pick of the gold stocks and the Buy call is unsurprisingly maintained.