EVN – Morgan Stanley rates the stock as Underweight

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Evolution Mining will acquire Red Lake from Newmont for US$375m plus a contingent consideration of up to US$100m.

Morgan Stanley considers the value of the project lies with exploration potential through resource to reserve conversion.

Underweight maintained. Industry view is Attractive. Target is $4.

Sector: Materials.

Target price is $4.00.Current Price is $4.01. Difference: ($0.01) – (brackets indicate current price is over target). If EVN meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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