No not wrong...but you have to realise these guys are VERY conservative.
They will always paint the worst possible picture....not just for the sake of it but because it CAN HAPPEN and does to 98% of companies. You see these guys don't believe in spruik / 'conceptual' targets....just real projects that make $$$.
Think this way, look at their historical reporting and I think you will find it is at the lower side.
Met them today and they confirmed this.
Good luck
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