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Investing.com - Macquarie initiated coverage on Greatland Resources Ltd (ASX:GGP) with an outperform rating and a price target of AUD7.80, according to a research note released Monday.
The mining company’s stock rose 11% to AUD7.30 on its first day of trading on the Australian Securities Exchange from its opening placement price of AUD6.60, following the completion of its ASX listing.
Macquarie’s price target suggests further upside potential for the stock, with the firm noting that momentum could be driven by Australian institutional investor interest, broadened Australia-based brokerage coverage, and potential inclusion in major indices.
The research firm stated that its current base case valuation does not yet include the Havieron expansion to 4.5 million tonnes per annum, which is expected to be part of the feasibility study in the fourth quarter of 2025.
Macquarie also indicated that its AUD7.80 target price for the ASX-listed shares corresponds to £3.80 per share for the London-listed shares (GGP LN), based on the consolidated shares in Greatland Resources Ltd.
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