Company Interview / Broker Moves | Sandfire Resources, Viva Energy, PLS, A2Milk

Morgan Stanley says that Sandfire Resources (ASX: SFR) has reported a weaker-than-expected first quarter update. Morgan Stanley is pointing to a miss on copper production of -3.5% versus estimate and consensus. It rates Sandfire as 'underweight', with a $11.45 target price.

Meanwhile - Morgan Stanley has raised its target price on Viva Energy (ASX: VEA) to $2.15. The broker expects a slightly positive reaction to Viva Energy's quarterly update.Morgan Stanley sees improving crack spreads, a leveling out of convenience stores, and ongoing benefits from synergies. The broker has an 'Equal-Weight' rating on the stock.

And Morgans has downgraded PLS (ASX: PLS) from hold to 'sell', saying recent share price strength reflects sentiment rather than fundamentals. The broker has a $2.80 target price on the stock.

And A2Milk (ASX: A2M) is moved from equal-weight to 'overweight', with Morgan Stanley also increasing its target price to $10. According to Morgan Stanley: a2 Milk's acquisition of the Pokeno blending and canning facility is considered "transformative" and offers an increased portfolio of China label products.