Morgans assesses 2Q results for Evolution Mining were a net positive, with strong copper production and lower all-in sustaining costs in the 2Q for Evolution Mining countered by weaker-than-expected gold production and sales.

Guidance for FY23 production and AISC were unchanged.

The analyst reduces its AISC estimates across the forecast period and the target rises to $3.70 from $3.10.

first half results are due on February 16.

Sector: Materials.

Target price is $3.70.Current Price is $3.21. Difference: $0.49 - (brackets indicate current price is over target). If EVN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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