0345 GMT - Capstone Copper is one stock where the devil isn't in the detail, say MA Moelis Australia analysts. "Obviously individual asset level performance is important, but if/when the business broadly meets its production promises, we think the stock is a close proxy for the copper price," the analysts write in a note. While Capstone's 2Q production is a tad lower than MA's estimates, and costs slightly higher, Ebitda appears a beat to consensus, they say. Record Ebitda of US$354 million in 2Q compares with consensus of US$339 million. Output totals 51,759 metric tons of copper. MA was expecting about 53,300 tons. MA has a buy rating and A$15.90 target on the stock. Shares rise 8.5% in Sydney to A$13.87.
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