Morgan Stanley's updated model for Nickel Industries following the 1Q25 production report, included a delay in payments for investment in the Excelsior Nickel Cobalt project. 

EPS forecast for FY25 lifted by 13.7% and FY26-27 forecasts also increased by 13.7% and 11.6% respectively as the broker revised cost of production estimates.

Equal-weight. Target price rises to 65c from 55c, driven by EPS revisions and upgrade in bull/base/bear valuation weighting to 10/55/35 from 5/55/40, respectively.

Sector: Materials.

Target price is $0.65.Current Price is $0.59. Difference: $0.06 - (brackets indicate current price is over target). If NIC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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