@thunderhead I understand where you are coming from on this. Just one point (which I remember I have commented on some time ago on HC). Brokers have different arms. MS, for example has a trading arm and a research arm. The research guys advise. The trading guys might have their own agenda. It's possible they can be at odds at times.
James Bales over at MS Research did some very thorough analytical work on ACX back a few months ago (last June) and at that time had a $10 base case and a $16 bull case. The assumptions and methodology were pretty good and fairly conservative imv.
Of course, they seemed to have been hindered by the slightly slower 1H 17 revenue growth (only 38% YoY!) against expectations, and have copped some serious flak from the AFR since, and so have revised their PT.
------------------------------------------------------------------------------------------------------------- This post is based on my own research and is not investment advice. When making investment decisions, always DYOR.
ACX Price at posting:
$3.66 Sentiment: Buy Disclosure: Held
