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Red Back looks more golden to Jennings Capital

Rising gold prices have won Red Back Mining Inc. a 27-per-cent share price target hike from analyst Stuart McDouglas at Jennings Capital Inc. He told clients in a note this morning that he has boosted his 12-month target for Red Back - which he rates as a "buy" - by $2.50 a share to $11.75, after raising his gold price forecasts for 2008-2010 and applying the new numbers to his forecasts for the miner's share profit, cash flow and net asset value.

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