FoxDavies initiated research coverage on MEO Australia (OTC: MEAOY; ASX:MEO) earlier this week with a ‘Buy Rating’ and price target of A$0.60.
Synopsis from the report: “Discoveries not priced in: Trading at A$0.19, MEO’s share price reflects their $90mm cash position alone, and not the 5 assets at the appraisal stage or the 11 exploration assets. With a successful appraisal programme adding in excess of A$1.40 to the current fair value and cash accounting for A$0.18, the shares are undervalued. We are initiating with a target price of A$0.60 and a Buy Recommendation.”
We have included a link below to this very comprehensive report: