0508 GMT - After raising its copper-price forecasts, UBS upgrades Evolution Mining to buy from neutral and Sandfire Resources to neutral from sell. It lifts its target on Evolution to 14.00 Australian dollars from A$13.80, and on Sandfire to A$20.00 from A$16.75. Shares trade at A$12.19 and A$18.74, respectively. "Copper remains at the center of this mining cycle, owing to the structural demand drivers of electrification: EVs, grid infrastructure, AI data centers and increasing supply challenges," UBS says. Its top ASX pick remains Capstone Copper, which it says offers the greatest leverage to copper prices on the Australian exchange and has "the richest list of growth projects." It raises the target to A$18.00 from A$15.00 and keeps a buy rating. Shares trade at A$13.85. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
May 22, 2026 01:08 ET (05:08 GMT)
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