Couple of broker recommendations, bit light on detail/research...

Couple of broker recommendations, bit light on detail/research but both point up. CS had 60c on bnd, this time last year. Interesting that UBS facilitated the infamous collar arrangement but have a target price of 17c on the share.
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Broker Recommendations for BND
UBS 11-Mar-14
The company's interim net loss of $5.7m was higher than UBS expected while earnings were in line. The broker notes the company is continuing the search for an equity partner to fund Springsure Creek thermal coal but considers a partner is unlikely to come on board until the mining lease is approved, expected mid 2014.

The broker incorporates the result and revised coal price and FX assumptions. The target is steady at 17c and the rating remains Neutral.

Neutral
Credit Suisse 09-Sep-13
CS analysts reiterate the risks and opportunities, and there are plenty of both in the immediate outlook, for Bandanna Energy. Bottom line: will the company manage to interest a third party shareholder to take up an equity stake in Springsure Creek, or not?

Failure to do so would trigger the need for a capital raising to the tune of $300m, which would push down the valuation to around 30c per share. This compares with the stockbroker's base-case risked DCF valuation of $0.59.

For now, Outperform rating retained as well as the target price of 30c. Estimates have moved lower.