Morgans rates PAN as Add

06/15/2023 | 08:31pm EDT

Panoramic Resources has missed FY23 guidance due to operational difficulties (failure of a filter press) at the Savannah Nickel Project, explains Morgans. Concentrate production is currently suspended and a replacement filter should be installed within four-six weeks.

The broker lowers its production forecasts toward the lower end of management's revised FY23 guidance and its target price falls to 20c from 23c, while the Add rating is unchanged.

Sector: Materials.

Target price is $0.20.Current Price is $0.09. Difference: $0.11 - (brackets indicate current price is over target). If PAN meets the Morgans target it will return approximately 54% (excluding dividends, fees and charges - negative figures indicate an expected loss).