Macquarie has lowered its rating for Evolution Mining (CAHPF, Financial) from Neutral to Underperform, setting a price target of A$6.30. This change comes after the company announced quarterly results that matched expectations.
Despite Evolution Mining's focus on reducing debt and pursuing organic growth, Macquarie's decision to downgrade is influenced by the stock's substantial year-to-date increase of approximately 71%. The firm also noted that production for the current financial year is on track, with the output so far equating to 76% of the target's midpoint for fiscal year 2025.
