Morgan Stanley welcomes the first half result, with net profit and earnings ahead of estimates.

Production guidance is unchanged. Depreciation guidance for 2020 is higher, at $260-290m.

Target is $10.40. Equal-weight retained. Industry view: In Line.

Sector: Materials.

Target price is $10.40.Current Price is $9.86. Difference: $0.54 - (brackets indicate current price is over target). If OZL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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