I would not be overly concerned with the target price of $1.20 since Stonecap is simply initiating coverage on ECU at this time and would likely rather miss the target on the low side rather than look bad and over shoot it.

If you read between the lines, they are basically implying that they expect the risk to drop once the resource expands. We know there is a very strong likelihood of this occurring, which would effectively reduce the risk and raise the target price much higher.

That target price could easily be taken out by the end of the month, if not sooner once drill assays begin to be reported.

My owm personal chart suggests we may see the share price >$1.50 by the end of May.

Hopefully ESL will provide some input with his cycle analysis shortly.