FYI | Oct 12 2011
This story features WEBJET LIMITED. For more info SHARE ANALYSIS: WEB
Daily update on share prices and consensus price targets.
By Rudi Filapek-Vandyck
Risk appetite is returning to the Australian share market and today's update on FNArena's Icarus Signal is a reflection of this as stocks closing in on consensus targets carry increasingly a mining flavour. Mincor ((MCR)), St Barbara ((SBM)), Easterm Star Gas ((ESG)) , Catalpa ((CAH)) and Rex Minerals ((RXM)) joined Webjet ((WEB)) in approaching their target in yesterday's session. Icarus picked Rex Minerals as probably the most intriguing one, as the gold and copper explorer is not yet widely researched and its share price surged well, well above today's share price levels earlier this year.
The difference this time around is that stockbroker Citi has commenced coverage recently and the stockbroker put a price target on the stock below Thursday's share price. Usually, having one of the majors commencing active coverage is a good thing as it opens up interest from a group of new investors, guided by the stockbroker's sales operations. But what will happen in this case? Will Citi customers stick to the cause no matter what?
There are now 12 stocks trading close to but still below target and as thing stand right now Rex Minerals is not going to join the list of stocks trading above target by the close of trade today (the shares are weaker as I update this story). Supermarket dare-devil Metcash ((MTS)) did join the list above target yesterday.
There are 17 stocks trading above target and most are directly connected to corporate take-over action. Not many mining stocks are trading above target, but judging by the present trend (see above) this may well be about to change. This, of course, on the condition the return of risk appetite will survive today's weaker markets.
Investors should consider the information and data are provided for research purposes only.
Stocks <3% Below Consensus
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Stocks Above Consensus
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Top 50 Stocks Furthest from Consensus
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