March quarter results revealed delays at Red Lake, which meant Evolution Mining has reduced FY24 production guidance by -15%. Incorporating the results means Ord Minnett makes downward revisions of around -11% to earnings estimates for FY23.

Among the positives, a better realised price at Ernest Henry offset slightly weaker cost performance at Cowal. Ord Minnett reduces the target to $2.55 from $2.60 and retains a Lighten rating.

Sector: Materials.

Target price is $2.55.Current Price is $3.53. Difference: ($0.98) - (brackets indicate current price is over target). If EVN meets the Ord Minnett target it will return approximately -38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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