From Wednesday "The Australian" paper,Citiupgrades Evolution Mining to Buy
Citi upgrades Evolution Miningto Buy with an unchanged target of $3.95.
Analyst Kate McCutcheon says the selloff inEvolution is "overdone", even as FY production guidance now"looks tough" after 2Q gold production missed consensus by 20 percent and costs were 20 per cent above consensus.
She notes that Evolution's de-leveraging isrunning ahead of consensus expectations, the miner provides leverage to copperas well as gold and has quality assets.
"If Evolution can deliver improved secondhalf operating performance, we think the stock could outperform," MsMcCutcheon says.
"We see the pullback as an opportunity toown leverage to gold – which Citi thinks will reach nominal record CY24 tradinglevels north of US$2150 per ounce."
Evolution shares were last down 18 per cent at$3.08 after falling as much as 21 per cent to a 22-month low of $2.97 after itsproduction report.
From Wednesday "The Australian" paper,Citiupgrades Evolution...
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Last
$3.83 |
Change
-0.110(2.79%) |
Mkt cap ! $7.625B | |||
| Open | High | Low | Value | Volume |
| $3.89 | $3.91 | $3.81 | $33.69M | 8.754M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 23069 | $3.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.83 | 224866 | 5 |
View Market Depth
| Last trade - 16.10pm 30/05/2024 (20 minute delay) ? |
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Last
$3.84 |
Change
-0.110 ( 3.27 %) |
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| Open | High | Low | Volume | ||
| $3.89 | $3.91 | $3.81 | 2544045 | ||
| Last updated 15.59pm 30/05/2024 ? | |||||
| EVN (ASX) Chart |