Those talking high level round numbers ($7, $6.50, $8 etc)...

Those talking high level round numbers ($7, $6.50, $8 etc) rather than the intrinsic asset value are overlooking that the MAC royalty alone is worth $3-4 on broker estimates. As such the mineral sands valuation has been completed gutted to make up the balance of the value

As to the brokers, outside Morgan Stanley, this is the strangest set of reports since 2009 when Rio was at $30, the dcf models were at $70 and brokers were saying hold/sell. The current reports I have sighted:

broker rec tp model
Citi Buy 11.0 16.90
ML Buy 10.70 12.75
MS Hold 9.20 9.20
GS Sell 7.25 14.43