ML reiterate $6 price target with these comments:
"...(Atlas) could be exporting iron ore in October, 3mths ahead of our expectations. In fact, the company could outperform our expectations on both price and volume.
Earnings upside on volumes
If 200kt is shipped in Dec Qtr, as a result of the earlier start, our FY09 earnings would increase from 6.2cps to 8.2cps. We assume 1mtpa to June 2009. If sales are at the 1.5mtpa rate, the additional 250kt in the June 2009 half lift eps to 12.3cps.Selling prices could be above expectation"
ml reiterate pt
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