Last week following very strong 2015 results, we increased our 12 month target price nearly 20% to $4.10 (c.287p) in a detailed note dated 23 March “Very strong results and Argentinian promise”. At the time this represented a 12 month total shareholder return of 33%. Given the conservative assumptions underlying our TP, we were confident of this being achieved, however we did not expect it to be reached in four trading days! We see multiple catalysts that could drive further increases to the target price, but uncertainty as to their timing precludes us from incorporating them at this time. Equally we are reluctant to move to Hold precipitately given the momentum and the chance to learn more at the Capital Markets Day in May.
