On Wednesday, RED was the best-performing stock on the main board, gaining 6.4% in a falling market – this $2.8bn gold miner is often at the pointy end of the sector’s performance in both directions. RED has enjoyed some upgrades of late, including one by Macquarie with a 55c price target; we like RED’s merger with SLR, as it leaves the business with a strong balance sheet and is expected to bring forward cost savings and improve mining rates.
- We are looking for RED to initially break above 50c over the next six months, around 20% higher – MM holds RED in our Emerging Companies Portfolio.
MM is bullish towards RED
Add To Hit List
