I can sympathise with a broker downgrading the recommendation to Hold at this stage.
I'm terribly overweight relative to my other holdings and have no intention of selling any, ever, but...
Drilling is risky.
There is no profit or div yet.
The price has had a huge run.
A sample of broker valuations would suggest that drilling success has been built into the price at least in part.
If you are paying close attention, understand the stock in fine detail, are aware of the drilling risks but are optimistic, then the stock is at least a Hold. I would even buy on the dips.
But that doesn't mean that the average broker client should be encouraged to buy at this stage.
What do others think?
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hardman resources limited
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