UPDATE: Morgan Stanley Reiterates on Yamana Gold as Stock is Poised to Close the Gap

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on Yamana Gold (NYSE: AUY), and raised the price target from $11.50 to $12.00.

In the report, Morgan Stanley noted, “AUY released operating results for 2013 confirming our expectations for both a miss vs guidance and a downward revision on 2014. With this overhang now removed and our expectation for a return to consistency, we believe AUY will begin to close the gap in performance vs its peers YTD.”

Yamana Gold closed on Monday at $9.75.