Northern Star Resources initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Hugo Nicolaci initiated coverage of Northern Star Resources (NESRF) with a Neutral rating and A$12.50 price target as the firm started coverage of six Australian gold producers. While the larger cap names are trading closer to fair value, Goldman prefers Evolution Mining (CAHPF) to Northern Star, citing near-term free cash flow to valuation, less concentrated execution risk across its growth pipeline and upside from copper.