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Broker labels this emerging resource player a buy

Copper gold and rare earth explorer Kidman Resources Ltd (ASX: KDR) is attracting attention in all the right places, with Foster Stockbroking slapping a buy recommendation on the stock.

Shares in Kidman Resources have gone from strength-to-strength in the last 12-months, with its $2.09 share price at the time of writing up from just 44c per share at this time last year.

According to Foster Stockbroking, Kidman still has plenty of exploration potential up its sleeve and a forecast FY20 NPAT of $8.1 million – with hope hinging on its Earl Grey lithium project which Kidman has just upgraded in size.

Foster’s buy recommendation came with a $2.72 share price target from $1.99 due to higher long-term earnings upgrades.

Kidman has held strong while industry peers such as Galaxy Resources Limited (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS) have booked share price slips recently and is certainly one to watch in the next 12-months as its flagship projects gain traction.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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