UPDATE: Morgan Stanley Reiterates on Kinross Gold on Improved Free Cash Flow

In a report published Thursday, Morgan Stanley analyst Paretosh Misra reiterated an Equal-Weight rating on Kinross Gold KGC, and raised the price target from $5.25 to $5.75. In the report, Morgan Stanley noted, “If gold averages above ~$1,200/oz in 2014, KGC could be FCF positive for the first time since 2010. YTD performance lag vs. HUI suggests capex cuts have not been rewarded. Deferral of Tasiast expansion capex or better than expected economics should help close performance gap. Raising PT to $5.75.” Kinross Gold closed on Wednesday at $5.15.