<div id="readability-page-1"><p>Ioannis Masvoulas, an analyst from Morgan Stanley, maintained the Sell rating on FRESNILLO. The associated price target is p2,400.00.</p><h3>Claim 30% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <p>Ioannis Masvoulas has given his Sell rating due to a combination of factors tied to Fresnillo’s recent operational and financial profile. First-quarter 2026 silver-equivalent output slightly lagged market expectations, with silver volumes missing consensus because of weaker grades and disruptions at key mines such as Saucito and Fresnillo, while the positive contributions from gold and by-products left the near-term earnings effect largely negligible.</p> <p>He also highlights that, at prevailing commodity prices, the shares only offer an estimated 2026 free cash flow yield of about 6%, which he views as unappealing versus alternatives. In particular, he prefers Endeavour Mining, which he estimates to generate roughly double the free cash flow yield, reinforcing a relative Underweight stance on Fresnillo despite stable medium-term guidance and largely temporary operational issues.</p> </div>

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<p>Morgan Stanley analyst Ioannis Masvoulas has maintained a Sell rating on Fresnillo with a price target of p2,400.00. The rating is based on Fresnillo's operational disruptions and modest cash flow yield, which is estimated at about 6% for 2026. First-quarter silver-equivalent output fell short of expectations due to weaker grades and issues at key mines. Masvoulas prefers Endeavour Mining for its higher free cash flow yield, despite Fresnillo's stable medium-term guidance and temporary operational challenges.</p>

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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Sell Rating on Fresnillo: Modest Cash Flow Yield and Operational Disruptions Drive Preference for Higher-Yield Peers