Atlas set to prosper: Credit Suisse

Atlas Iron is set for a 78 per cent growth in share price in the next twelve months, a report from Credit Suisse has predicted.

The report cited recent capital raising and increased port access as the elements boosting the company's share profile.

The report was confident, "setting RSPT, European debt and Chinese tightening aside, we believe that even on the worst case infrastructure scenario, AGO is being priced on an iron ore price expectation of US$65/t FOB into perpetuity," a statement from Credit Suisse said.

The report highlighted the Utah Point berth, set to be launched in July 2010, as one factor contributing to the company's future success.

"We are upgrading our rating on Atlas Iron to outperform due to the share price movement now implying a potential 78 per cent 12-month return on our unchanged A$3.15/share target price. We have also updated our earnings forecasts, reflecting the recent capital raising and port access developments," Credit Suisse said.