what now?, page-17

Talk of $8 is silly - just look at the chart and even factoring in the profit downgrade for 2009 it would be absurd.

Anyone selling at these prices is clearly taking a loss so you have to question the motive - the market only traded below $9 for 5-6 days in December when the whole market was being smashed. Before that you have to go back over 4 years to find levels below $9.

IMO all this is due to inst. investors who paid $11.25 a share in the placement dumping stock because they are annoyed - there would be circa 25m shares in that. Today's volume was very light compared to the previous week or so, selling pressure is definitely easing - just a lack of buyers today which is not surprising given financial year end a day away.

Just take a look at Monsanto share price mvmt since their announcment last week - much more sensible reaction to a current/future earnings adjustment the scale of what Nufarm announced.

Reading the Macquarie report today - they revised 12 month target to circa $12.60 and their commentary looks quite reasonable. At $9 this represents a very strong buying opportunity. Don't forget Rathbone and the other top 5 shareholders have 50% ownership - they won't be selling!!