New Found Gold price target lowered to $5 from $9 at Roth MKM

Roth MKM lowered the firm’s price target on New Found Gold (NFGC) to $5 from $9 and keeps a Buy rating on the shares. The company has exceeded expectations for demonstrating the gold potential at its Queensway North area, to the north, south, and west of the AFZ, to depths of over one kilometer, the analyst tells investors in a research note. The firm adds however that its reduced price target is in anticipation of a modest MRE – maiden resource estimate – and PEA – preliminary economic assessment – profiling a bankable project closer to production.