29M – Morgan Stanley rates the stock as Overweight

29Metals’ December quarter copper output was a 21% beat versus Morgan Stanley’s estimate, while zinc, gold and silver also outperformed. However, management’s absolute cost base guidance was an around -10% miss.

The broker lowers its target price to $3.15 from $3.25 and retains its Overweight rating. The industry view is In-Line.


Target price is $3.15.Current Price is $2.74. Difference: $0.41 – (brackets indicate current price is over target). If 29M meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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