Goldman Sachs analyst Hugo Nicolaci initiated coverage of Evolution Mining (CAHPF) with a Buy rating and A$3.80 price target as the firm started coverage of six Australian gold producers. While the larger cap names are trading closer to fair value, Goldman prefers Evolution to Northern Star Resources (NESRF), on which it has a Neutral rating, citing near-term free cash flow to valuation, less concentrated execution risk across its growth pipeline and upside from copper.
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