Evolution Mining upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Evolution Mining to Overweight from Equal Weight with a price target of A$3.95, up from A$3.35. While the firm downgraded its medium-term expectations for Red Lake, it still sees opportunity for outperformance if the Battle North mill is brought on earlier than FY32 and argues that Northparkes risks are “more than priced in.”