0018 GMT - Evolution Mining shares appear to have pulled back "to a more reasonable valuation" following the gold producer's disappointing 3Q result, Macquarie says. The bank upgrades the stock to outperform from neutral but lowers its target to A$13.00/share from A$14.00. "With updates to our gold and copper price outlooks, we model material increases in EPS" over FY27 and FY28," it says. One risk: While Evolution shares pulled back in line with peers, Northern Star has underperformed more. "Should immediate improvements be made by [Northern Star] management, this could encourage a rotation from Evolution into Northern Star, which we believe offers higher risk/greater leverage," it says. Macquarie reiterates an outperform rating and A$25.00 target on Northern Star. Evolution is down 0.5% at A$12.86. Northern Star is up 1.3% at A$21.05. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 15, 2026 20:18 ET (00:18 GMT)

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