deutsche bank target $3.70

Eureka Report has synopses of broker reports and one ran from Deutsche Bank on MBN two days ago:

Deutsche Bank rates MBN as Buy 15/09/2009 8:49AM
MBN - Mirabela Nickel Ltd
A visit to Mirabela's Santa Rita operation in Brazil sees the broker leave impressed with mining progress and plant throughput.

The broker also thinks that the underground resource could more than double and all this adds up to 25-40% increases to FY11-12 EPS forecasts on increased production and reduced depreciation and amortisation forecasts.

The Buy is maintained and the target price increases to $3.70 (from $3.20) on the improved production outlook.

Target price is $3.70 Current Price is $3.20 Difference:$0.50 - (brackets indicate current price is over target). If MBN meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Deutsche Bank forecasts a full year FY09 dividend of 0.00 cents and EPS of -31.00 cents.