OZ Minerals' 4Q copper production and costs were in line with Morgan Stanley's forecasts, driven by strong gold production.

2023 production guidance was around -10% below forecasts by the broker and consensus, while costs were a -10% miss compared to the broker's estimate.

Morgan Stanley remains Equal-weight and raises its target to $25.30 from $25.10 after allowing for higher 4Q copper/gold sales, model updates and lower FY23 guidance.

Sector: Materials.

Target price is $25.30.Current Price is $27.90. Difference: ($2.60) - (brackets indicate current price is over target). If OZL meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2023 Acquisdata Pty Ltd., source FN Arena