ubs upgrades to 22 bucks a share

Todays AFR

UBS raises target price by 38.8% to $22 on a new valuation incorporating the spinout, also raises earnings estimates by 3% to 7% for 2007-9. Long term lead price forecast increases from 78c to $1.02 in '07, from 55c to 1.05 in '08 and to 65c from 35c in 2009. Lead prices are likely to remain well supported. Better than expected price for the smelter IPO together with potential for M&A may lead to the share price being well supported in the short term