Iluka Resources's Q1 output miss prompts Morgan Stanley PT cut

Iluka Resources

21/04/2023 06:06

** Shares of Australian Iluka Resources  ILU.AX  shares last
down 4.4% at A$11.045
    ** Morgan Stanley cuts its price target on the mineral sands
company to A$9.50 from A$10.35
    ** MS says ILU's reported March-qtr zircon/rutile/synthetic
rutile (Z/R/SR) production and sales missed its estimates by 9%
and 27%, respectively
    ** Says elevated rutile price is unlikely to be sustained as
the quarter saw very small volume of sales 
    ** As of last close, stock up 21.2% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))