Norilsk Nickel Confirmed «Overweight» Rating

Investment bank Morgan Stanley reiterated his "overweight" rating on Russian metals giant Norilsk Nickel. The target price has been raised from $62 to $72.

In a research note published this morning, Amos Fletcher, the analyst with Morgan Stanley mentions that the planned spin-off of the company's Polyus gold unit is likely to be worth about $23 per share.

Morgan Stanley expects the imminent spin-off of Norilsk Nickel's gold business to leave the company's core nickel business undervalued.