I really don't understand the continued weakness in their SP....

I really don't understand the continued weakness in their SP. Nickel now over $13 per pound. Granted that the overalll ASX is underperforming AGAIN. Yet other nickel companies are not faring all that bad. PAN SP has gone no where over the last 12months. Maybe they are too conservative with their cash and the market is stating its displeasure.

I am also aware that their last 2 quarters have been slightly down on thier forecasts however they still are positive on achieving the lower production figure for the year.

Morning star rates a BUY with $3.20 target price...it seems more likely to hit $2.20 at this stage.