The March quarter was overall in-line with Morgan Stanley's estimates though cost guidance improved, due to cobalt credits and an overall better cost performance.

The proposed sale price for Tropicana to Regis Resources ((RRL)) of $903m would be above the broker's valuation of $552m. Management expects deal completion by May 31. Equal-weight. Target price is $5.65. Industry view: Attractive.

Sector: Materials.

Target price is $5.65.Current Price is $7.29. Difference: ($1.64) - (brackets indicate current price is over target). If IGO meets the Morgan Stanley target it will return approximately -29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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