RBC Capital Markets has initiated coverage of Sylvania Platinum (AIM:SLP), the AIM-listed platinum group metals producer, with an Outperform rating and a price target of 175p, implying 90% upside from the current share price of 92p. The bank's investment case centres on what it describes as a systematic mispricing of the stock, which trades at 0.6x net asset value and a 20% free cash flow yield on 2027 estimates, valuations it says are more consistent with a distressed junior than a high-margin, cash-generative business.