UPDATE: Morgan Stanley Raises PT on Yamana Gold on Measured Growth

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on Yamana Gold AUY, and raised the price target from $11.50 to $12.50. In the report, Morgan Stanley noted, “Yamana's focus on small but scalable projects underpinned by its solid suite of stable and low cost core operations in the Americas has served it well over the years. Notwithstanding recent ramp-up delays, the company has been able to largely avoid the operating and capital costs inflation facing its peers. FCF positive in early 2014 on our gold price deck.” Yamana Gold closed on Monday at $8.89.