Our ALGO engine triggered a buy signal in Oz Minerals on July 12th at $8.80.
Since then, a broker note from Citi has raised their 12-month target from $10.70 to $11.10.
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While the guidance for Gold and Copper production was lifted to the top end of the company’s 2018 targets, the more significant surprise was the drop in production costs.
During the latest quarter, OZL reported copper production costs fell from US 97 cents in March down to 72 cents per pound. Further, we believe a steady slide in the AUD/USD will be a net positive for the share price.
Internal momentum indicators have turned positive and we see good support at $9.00 with an initial upside target of $10.20.
Oz Minerals
