Australia's second-biggest listed gold miner has shifted its guidance down from 820,000oz-880,000oz at $850/oz-$900/oz to 750,000oz- 805,000oz at $820/oz-$870/oz. Patersons Securities, which has a hold recommendation on Evolution, has lifted its target price on the stock by 4¢ from $1.85 to $1.89. Patersons head of research Cathy Moises told clients in a note the sale was a positive move for Evolution, saying Edna May had been an underperforming asset for several years. RBC Capital Markets research analyst Paul Hissey, who retained his $2.50 target, said the deal came in at a 38 per cent discount to RBC's $125 million valuation. However, other analysts had expected a price closer to $75 million, and Mr Hissey noted without a cutback Ramelius would need to produce 700,000oz at Edna May before it paid the full $90 million sale price. Ramelius shares closed down 1.5¢ at 38.5¢ yesterday, while Evolution was down 1¢ at $2.40.