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Evolution Mining Broker Ratings
Equity Espresso
April 16, 2025 • Estimated Reading Time: 4 minutes
Evolution Mining (ASX: EVN) Broker Ratings
Date | Broker | Rating | Price Target |
|---|---|---|---|
16/04/2025 | Morgans | Hold | $8.00 |
16/04/2025 | Macquarie | Underperform | $6.30 |
16/04/2025 | Citi | Neutral | $7.00 |
16/04/2025 | UBS | Neutral | $8.00 |
16/04/2025 | Morgan Stanley | Underweight | $5.55 |
16/04/2025 | Ord Minnett | Lighten | $6.75 |
16/04/2025 | Bell Potter | Hold | $8.10 |
Morgans has maintained its Hold rating for Evolution Mining while raising the target price to $8.00 from $5.90. The broker notes 3Q25 production of 179koz gold beat its forecast of 175koz, with the highlight being strong operating cash flow of $207m, up 25% quarter-on-quarter, helping reduce net debt by -15% to $1.093bn. Morgans has raised gold price forecasts for 2025/2026/2027 by 8%/10%/15%, expecting costs to reduce significantly on higher production in 4Q.
Macquarie has downgraded Evolution Mining to Underperform from Neutral, increasing the target price to $6.30. The broker reports 3Q25 production of 180koz beat both Macquarie's and consensus expectations by 5%, with 6koz of extra production from an elution circuit drawdown at Cowal. Copper production at 19.5kt was also 5% better than expected, while all-in sustaining costs of $1,682/oz were 7% above forecasts.
Citi has maintained its Neutral rating for Evolution Mining with an unchanged target price of $7.00. The broker highlights another record quarter, including $600m of cash flow from mine operations, allowing continued deleveraging with cash rising by $141m to $661m and gearing down to 19%. Citi expects more robust June quarter cash flow with higher spot gold prices, continuing to prefer Evolution over Northern Star Resources.
UBS has maintained its Neutral rating for Evolution Mining with an unchanged target price of $8.00. The broker notes 3Q25 gold production of 179.8koz was in line with its forecast, suggesting the company is on track to meet FY25 guidance of 710-780koz. UBS reports copper production also met expectations, though unit costs were slightly higher, with the company reiterating capex guidance of $750-950m average over the next five years.
Morgan Stanley has maintained its Underweight rating for Evolution Mining with a target price of $5.55. The broker notes March quarter gold production of 180koz was 5% ahead of forecast, driven by strong output from Cowal offsetting weaker results at Red Lake. Morgan Stanley reports total copper production of 19.5kt was also above expectations, with the company on track to meet the upper end of production guidance.
Ord Minnett has maintained its Lighten rating for Evolution Mining while raising the target price to $6.75 from $6.25. The broker reports group production above its expectations by 5%, with Cowal reporting a stronger result due to an additional drawdown of 6koz. Ord Minnett notes strong results and cash flow generation have allowed management to lower net debt to $1,093m, a gearing level of 19%.
Bell Potter has downgraded Evolution Mining to Hold from Buy, raising the target price to $8.10 from $7.89. The broker notes strong operating cash flow reduced net debt by -$211m to $995m in the March quarter, ahead of forecast. Group production of 167koz was in line with expectations but below the prior quarter, while costs rose to $1,790/oz due to lower grades at Cowal and Ernest Henry.
Evolution Mining Stock Price
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