Morgan Stanley upgraded Northern Star Resources (NESRF) to Overweight from Equal Weight with a price target of A$20.50, up from A$18.40, as part of a broader research note on Australia materials. The firm noted that it prefers Northern Star to Evolution Mining (CAHPF), which it downgraded to Underweight from Equal Weight. Morgan Stanley added that Northern Star and Evolution Mining both trade on 5x FY26e, but NST provides 8% production compound annual growth rate vs. Evolution’s 4%.
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