Morgan Stanley has reduced forecast 2024 production at Syrah Resources' Balama, with the mine expected to continue in "campaign" mode in the March quarter. The broker assumes an increase over 2024 as Vidalia ramps up.

The broker has delayed its final investment decison expectation for the Vidalia 45ktpa expansion to the second half, and assumes 45ktpa
production from 2028 or later.

Syrah still requires a funding solution to progress Vidalia. Target falls to 40c from 60c, Equal-weight retained. Industry view: Attractive.

Sector: Materials.

Target price is $0.40.Current Price is $0.40. Difference: $0.01 - (brackets indicate current price is over target). If SYR meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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