broker estimates, page-4

"Interesting seeing brokers upgrading their price targets in the face of declining iron ore price."

They're coming up with their price targets based on Iron ore price falling to US$80/t... sigh... so MGX is actually being priced with the idea that they'll be generate less and less revenue per unit of production. So the longer the IO price stays above US$80/t, the more valuable MGX becomes based on the analyst models and hence why MGX is outperforming their models and hence why they have to keep upgrading. The IO price is currently ~A$142/t on the benchmark, if the current IO price sticks or tracks higher, then think about it, MGX will generate about 30c ps earnings year in year out, and if they're generating earnings at those levels then the stock price isn't going to stick around $1 or $2 for long.