macquarie “outperform” recommendation $3.50 , page-5

I am with you Blindmonkey although I would extend my timeframe to the end of this month LOL...

Screaming Value with the recent upgrade IMO.

Extract from an article on outlook going forward

Source

Vale says giant ore ships to win China OK in months
By Jeb Blount and Sabrina Lorenzi

RIO DE JANEIRO | Wed Apr 4, 2012 5:02am EDT

Iron ore prices are likely to remain above $120 a tonne in the next several years, he said, because demand remains strong and at prices below that, Chinese producers of low-quality ore begin to lose money.

"Any time it falls to $120 a tonne or below, it bounces back," he said. "The $100 to $120 a tonne level is a level where many marginal producers start having difficulty."

Ore with 62 percent iron content .IO62-CNI=SI rose for a sixth day in seven on Wednesday, gaining 0.4 percent to $147.70 a tonne, its highest in more than five months.

Who know's dare I say $4. LOL...

Cheers