BUZZ-Australia's South32 at near 9-month high; revised FY25 capex in line with estimate

Reuters05-16

** Shares of South32 rise as much as 0.82%, their highest level since Aug 24, 2023

** Analysts at Morgan Stanley say S32's updated capital expenditure for FY25 is broadly in line with consensus

** Brokerage maintains price target of A$3.35 per share and "overweight" stock rating

** The diversified miner sees FY25 capital expenditure of $1,190 mln, compared with consensus FY25 capital expenditure estimate of US$1,175 mln and 10% lower than Morgan Stanley estimate of US$1,336 mln

** Brokerage sees S32's Australian Manganese wharf ops ramping from 3QFY25, says any alternative shipping options would be a positive

** Around 12 of 16 analysts rate stock "buy" or higher

** Stock up 10.2% YTD, as of last close

(Reporting by Shivangi Lahiri in Bengaluru)

((shivangi.lahiri@thomsonreuters.com))

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