UPDATE: Morgan Stanley Reiterates on Compania de Minas Buenaventura SAA Following Tough First Quarter

In a report published Thursday, Morgan Stanley analyst Carlos De Alba reiterated an Overweight rating on

, but removed the $15.30 price target. In the report, Morgan Stanley noted, “Adjusted EBITDA (direct-operations) of US$50M, down 16% Q/Q and 49% Y/Y, came in significantly below our US$96M estimate. Lower revenues and higher-than-expected SG&A and exploration expenses drove the miss relative to our model. Normalized EPS of -US$0.06 were materially below our estimate of US$0.22 and the consensus of US$0.24.” Compania de Minas Buenaventura SAA closed on Wednesday at $13.00.