UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Yamana Gold Following Operating Update

In a report published Thursday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on

, but lowered the price target from $11.50 to $10.70. In the report, Morgan Stanley noted, “Operating update supports expectations for str 2H. We continue to anticipate a multiple re-rating as results improve and on the back of an improved risk profile; however, as a result of the C1 suspension and changes made to our medium term operating outlook, we are reducing our PT ~7% to $10.70.” Yamana Gold closed on Wednesday at $7.33.