Let me correction the confusion on what GS has / has not...

Let me correction the confusion on what GS has / has not published.

In fact - GS initiated on LYC many months ago, with a price target a little north of $2.

What happened on 14 January was that GS' Australian resources coverage team published a research note that introduces a new stock rating framework: "The Goldman Sachs Australia and New Zealand research teams are adopting
the Goldman Sachs coverage relative rating system. The key elements of this
new framework are: (1) stock ratings relative to sector coverage rather than
the broader market, thereby better aligning ratings with analysts’ core
expertise; and (2) a “Coverage View” - Attractive, Neutral or Cautious – which
represents the analysts’ overall fundamental outlook for their coverage group."

Under the new framework, the analysts use a "Base and upside
NPV/forward P/E" to assess a valuation and target price for LYC. This methodology gives rise to the $2.10 target.

I do not believe that there is any new work, or changes to assumptions etc, as part of this slight tweaking to the rating system.