Jefferies downbeat on Evolution Mining after Q1 production misses estimates
BUZZ-Jefferies downbeat on Evolution Mining after Q1 production misses estimates ** Analysts at Jefferies review Australia's Evolution Mining's EVN.AX September quarter results
** Says gold production of 154 koz was ~10% below JEF estimates and 6% below visible alpha consensus, as weather and grid power interruptions hit three projects
** However, notes Copper production of 17.9 kilotonnes beat JEF estimates by 17%, above VA consensus by 10%, largely driven by record output at Ernest Henry Operation in Queensland
** Says stock is trading at a high premium and expects less interest in lieu of rising rate environment in near term
** "We caution over emphasising one soft quarter, specifically given EVN's recent history of meeting guidance" — Jefferies
** Brokerage maintains "underperform" rating, with price target unchanged at A$10.50
** Nine of 17 analysts rate the stock "buy" or higher, six "hold" and two "sell" or lower; their median PT is A$14.30, according to data compiled by LSEG
** Stock down 1% YTD, as of last close
(Reporting by Rudrannsh Mehra in Bengaluru)
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