UPDATE: Morgan Stanley Upgrades Kinross Gold as Shares Look Attractive

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey upgraded the rating on

from Underweight to Equal-Weight, and raised the price target from $5.00 to $5.75. In the report, Morgan Stanley noted, “Kinross offers the lowest base metal exposure among North American gold stocks. KGC shares look attractive on an EV/oz of reserves basis (at ~$110/oz). Further, management has delivered better than expected results during the last 5 quarters. We are Equal-weight because of uncertainty related to Tasiast's scope, timeline and costs. Better than expected economics at Tasiast would make us more constructive.” Kinross Gold Corporation closed on Monday at $4.71.