On page 50 of 56 The "speculative" designation presumably means...

On page 50 of 56

The "speculative" designation presumably means the target price has, say, a one in ten chance of being achieved. (There is production risk e.g. strikes, rail infrastructure breakdown + business interference risk e.g. thermal coal export controls + finance risk e.g. non availability of debt finance). There will be other risks too (e.g. dilution risk if debt finance not available), but I think I've outlined enough to explain why the target price might not be hit, and why the analyst designated his recommendation as "speculative".