immediate target, page-78

from fn arena this morning:

Citi rates NCM as Sell (5) - June quarter production came in ahead of Citi’s estimates, seeing full-year production of 2.1moz at $750/oz, which is in line with the downgraded guidance range. September quarter production is expected to come in lower, but then to improve after that.
The FY14 production guidance was maintained and will make for a small lift over FY13 given high cost ounces from Telfer, Lihir and Cadia are being wound back. Citi sees a risk to FY17 production guidance given it looks pretty unlikely under the new strategy. The Sell call and $9.00 price target are maintained.
Target price is $9.00 Current Price is $12.53 Difference: minus $3.53 (current price is over target). If NCM meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).