Morgan Stanley rates PLS as Equal-weight

Published: 2026-04-26 20:31:07 ET MS

Published on 04/26/2026 at 08:31 pm EDT

PLS Group delivered a "good" production outcome in the March quarter, Morgan Stanley observes, amid improved plant reliability, higher runtime and stable recoveries.

Capitalised waste stripping and volumes helped lower costs to $520/t. No material operating impact from diesel pressures is expected. FY26 guidance was reaffirmed across all metrics. Equal-weight rating and $5.25 target retained. Industry view: Attractive.

Sector: Materials.

Target price is $5.25.Current Price is $5.77. Difference: ($0.52) - (brackets indicate current price is over target). If PLS meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).