The SP price expectation HAVE changed, but that is not really...

The SP price expectation HAVE changed, but that is not really the point - their calculations provide an Implied Enterprise Value and this has been increasing since the reports were first published. The SP estimate is derived from the IEV by simply dividing by the number of issued FPOs.

It went:

2015-11-26 79,920,000 - 101,502,000
2016-02-05 83,157,000 - 105,608,000
2016-04-05 84,827,000 - 107,737,000
2016-09-29 87,577,000 - 112,832,000
2017-07-11 101,655,000 - 124,618,000

Each time the number of FPOs also increased, so their SP estimate did not move much.

Their estimated SP will dip significantly once we get the dilution from options exercise at the end of this month but the estimated value of the company won't - it may continue to rise.