The South32 Ltd (ASX: S32) share price has been on a steady upward trajectory for the past few years thanks to a rebound in metals and coal prices, however, it may have gotten a little ahead of itself if the analysts at Goldman Sachs are on the money.
On April 18 the analysts ran the ruler over South32's production update for the quarter ending March 31 2018. After a couple of misses on production expectations for South (due to bad weather, etc,) and consequent revisions to Goldmans earnings per share forecasts for fiscal years 2019 and 2020 the analysts issued a $3.20 12-month share price target on the miner.
That's around 7% below the $3.43 price shares are changing hands for on Friday afternoon, with sentiment up as the S&P/ ASX200 hits 11-year highs.
Elsewhere other leading miners such as BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are near multi-year highs after catching an updraft on the iron ore price.
