At 17.12.09 JB Were had a buy on AIO with a 12 month target of...

At 17.12.09 JB Were had a buy on AIO with a 12 month target of $2.25.

"Asciano (AIO) has been nominated by our strategy team as one of the top 10 picks for 2010, hence we thought it would be worthwhile to run through the key drivers and themes which should make it an attractive investment over the next 12 months.
The key catalysts for outperformance we have identified are:
1. Improving port volumes in line with strengthening economy
2. Completion of debt restructure
3. 1H10 result & earnings guidance
4. New coal contracts (both repricing and additional volumes)..."

I don't subscribe to these low valuations (0.73 etc)but what chance has any investor got when there is such a disparity in valuation. How can two(at least) supposedly reputable firms have a variation of around $1.50 per share!!???