Morgan Stanley downgraded Evolution Mining (CAHPF) to Underweight from Equal Weight with a price target of A$5.55, down from A$5.95, as part of a broader research note on Australia materials. The firm noted that it prefers Northern Star Resources (NESRF), which it upgraded to Overweight from Equal Weight, to Evolution Mining. Morgan Stanley added that Northern Star and Evolution Mining both trade on 5x FY26e, but North Star provides 8% production compound annual growth rate vs. Evolution’s 4%.
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