Oz Minerals' third quarter update revealed higher-gold-grade stockpiles at Prominent Hill, which led to a guidance upgrade for gold production and group all-in sustaining costs (AISC).

Morgan Stanley points out lower copper grades at Carrapateena and lower mining grades and tonnages at Prominent Hill. The Equal-weight rating is maintained. Target is steady at $23.50. Industry view: In-Line.

Sector: Materials.

Target price is $23.50.Current Price is $25.88. Difference: ($2.38) - (brackets indicate current price is over target). If OZL meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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