pan - overvalued?

Below is overview text from the Wilson HTM research on PAN out this morning:

"Coming months are expected to see a softening of metal prices as economic activity in the Northern Hemisphere slows for the summer period and as Chinese buying, significantly for stockpiling purposes slows. This, together with our view that PAN is fully priced based on our metal price forecasts, suggests risks are to the downside and we maintain our HOLD recommendation, although we are not averse to taking profits at current levels. Our recommendation will be further reviewed as part of our usual end of quarter review of commodity price assumptions early next month.

DCF $1.61 12 month target $1.69"