Initiating coverage by GMP securities (Global investment firm...

Initiating coverage by GMP securities (Global investment firm based out of Toronto).
MCR Highlights:
*Extensive world class portfolio
*Strong Low cost production (possibly lowest cost producer in region)
*Positive outlook for Ni price
*Position to restart mines
*Price target 78c (this was BEFORE last weeks announcement)
*Feels company is undervalued.

I also noted that they have a 2015E p/e of 3.7 with EPS(est) of  15c.
So, perhaps I think the price target is on the basis of a continued assumed low p/e?

Here is the doc.
http://www.mincor.com.au/images/mincor---ociquainae.pdf