Gold production in the September quarter missed Morgan Stanley's estimates, largely because of Pogo. Gold sales were in line.

Guidance is unchanged, with production wieghted towards the second half and grades at Yandal and mining rates at Pogo likely to improve.

The broker believes the stock is fairly valued and retains an Equal-weight rating. Target is raised to $10.35 from $10.05. Industry view: In-Line.

Sector: Materials.

Target price is $10.35.Current Price is $9.40. Difference: $0.95 - (brackets indicate current price is over target). If NST 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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