broker price targets are meaningless

Macquaire has a "neutral" recommendation on ZFX, despite a 12-month price target of A$11.00 based on a "statistical methodology" (current price: ~A$9.5)...GO FIGURE!

KEY extract from today's broker report:

Despite the key asset (Century) for this company being run at capacity, with a solid focus on efficiency improvement, we believe the fortunes of the share price
continue to rest heavily with the momentum of the zinc price. With the current zinc price broadly in line with our forecasts, we maintain our neutral recommendation on ZFX.