Icarus Signal New Entries For Today

This story features SANDFIRE RESOURCES LIMITED. For more info SHARE ANALYSIS: SFR

Daily update on share prices and consensus price targets.

By Rudi Filapek-Vandyck

It is my observation this year's annual Diggers and Dealers conference in Kalgoorlie is directly responsible for some remarkable price action amongst smaller mining stocks. Some presentations over in Western Australia are obviously well-received and result in media coverage on Australia's east coast. Observe, for example, how the share price for Sandfire Resources ((SFR)) spiked this week until it nearly matched the consensus price target. Today, Sandfire leaves the table of stocks trading close to target as yesterday's price action involved some serious selling. Does this count as a rejection? Only time will tell.

Today we also found out that JP Morgan analysts decided to initiate coverage on three new copper plays in the Australian share market, and Sandfire was amongst them. Given this week's spike, it comes as no surprise JP Morgan initiated on a rather subdued note, arguing the share price had run up too far. Note JP Morgan's price target is below the other targets already in our database, so there is downward pressure on the consensus target.

Yesterday also saw the emergence of Alacer Gold ((AQG)) on Icarus' radar as the share price closed within 1.7% of the consensus price target. Equally to Sandfire, Alacer presented at the D&D and this has resulted in media coverage on the east coast, but to our knowledge not to any initiations by major stockbrokerages.

Yesterday's heavy selling also pushed Monadelpous ((MND)) shares back under target – for how long?

Note the number of stocks trading in the vicinity of target has been decimated to 9 only, of which 6 newcomers. Five out of these six come from trading above target. That leaves Alacer Gold as the only genuine newcomer today.

There are now 23 stocks trading above target and Melbourne IT ((MLB)) is the only one that managed to join after yesterday's down, down, down, all prices are down-day on the local share market. As the share market opened lower today, we'd be surprised to see even more changes taking place by tomorrow. Let's find out shall we?

In the meantime, and probably to nobody's surprise, OneSteel ((OST)) has finally made it to the Bottom 50, together with Jetset Travelworld ((JET)) and FKP property ((FKP)).

Investors should consider the information and data are provided for research purposes only.

Stocks <3% Below Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%) 1 AQG $ 9.20 $ 9.36 1.77% 2 FGL $ 5.01 $ 5.02 0.14% 3 LYL $ 5.90 $ 5.98 1.36% 4 MND $ 18.44 $ 18.81 2.01% 5 MTS $ 4.11 $ 4.18 1.65% 6 NOD $ 0.10 $ 0.10 2.04%

Stocks Above Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%) 1 MLB $ 1.78 $ 1.78 – 0.28%

Top 50 Stocks Furthest from Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%) 1 FKP $ 0.60 $ 0.92 52.67% 2 JET $ 0.76 $ 1.15 52.32% 3 OST $ 1.66 $ 2.52 51.87%

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