Valuation: "We are initiating research coverage of MBAC Fertilizer Corp. with a BUY recommendation and a 12-month target price of C$5.40 per share. To reach our target price, we are applying a 1.0x multiple to our NAV estimate for the Itafos and Santana projects and do not attribute any value to the company's Araxa project or increased production from Itafos or Santana at this time, and plan to revisit these as further development work is conducted."

also some of the targets I've seen are up to 7.50...and way out $20 but won't count on it....