(MENAFN- ProactiveInvestors - UK) In an example of how a weak pound boosts valuations of of miners, Petra Diamonds PLC' (LON:PDL) target price has been raised to 150p, from 120p, by Citigroup.
Nothing hugely has changed in Citi's thinking about the diamond miner.
The broker adds yesterday's first quarter was in line with forecasts at 745,000ct volume sales and production of 1.1Mct.
Citi also still expects 2018 to be the inflection year when cash starts to come in and dividends start to be paid out.
The recent fall in the pound, though, has boosted the sterling-based net asset value to £1.38 (from £1.09) and provided the basis for the target price to rise to 150p. The investment view remains 'neutral'.
Shares rose 1% to 149p.
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