0221 GMT - MA Moelis Australia wonders whether FireFly Metals investors will have the patience and risk appetite to hold the stock when it is "already reflecting much of the intrinsic value of the business." MA says it has high conviction in the company's Green Bay copper-gold project, which it thinks will be comfortably funded. But it would "like to see significantly more upside between our price target and where the equity is trading as a reward for both the duration and complication of bringing Green Bay back to life," it says. MA has a hold rating and a A$1.80/share target on FireFly. Shares are down 5.4% at A$1.6975.
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