rbs morgans weekly research report, page-18

Seq,

Don't have access to the report, only a summary on the FNArena site under Broker update .
It's pretty generic and doesn't provide much insight.

CIMB Securities (RBS Morgans), Date 14.5.13, Rating 1, Recommendation: Outperform; Target price: $0.27.

Commentary:
The broker expects the clinical timetable to be explained in more detail at the upcoming AGM. Some changes have been made to earnings forecasts for 2013 (eps -$1.4m) and 2014 (eps $1.0m). The Outperformance rating and 27 cents price target are maintained (from an earlier recommendation).

The trials for the patch are seen as the key catalyst and any delays or complications provide the risk to valuation, whilst additional agreements represent upside.

Hopefully, they might provide a further update following AGM, but as someone previously posted, they tend to set low targets and adjust up with movement in the SP.