McNicoll Lewis & Vlak Updates its Valuation on NovaGold Resources (NG), Raises Price Target to $19
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Price: $7.94 +2.32%
Rating Summary:
7 Buy, 1 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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McNicoll Lewis & Vlak is maintaining its Buy rating on shares of NovaGold Resources (NYSE: NG), but is updating its valuation on the company to incorporate the results of the preliminary economic assessment for the Ambler exploration project that was filed on May 10.
The firm estimates that an after-tax net asset value for the Ambler project is roughly $765 million. It see the project starting production in 2017 and previously valued the project at a nominal $45 per ounce of gold equivalent resource, or about $550 million.
The 40% increase in its net asset value estimate for Ambler increases the firms total net asset value estimate for the company by about 3%. As a result McNicoll Lewis & Vlak raised its price target slightly to $19.
For more ratings news on NovaGold Resources click here and for the rating history of NovaGold Resources click here.
Shares of NovaGold Resources closed at $11.21 yesterday.
The firm estimates that an after-tax net asset value for the Ambler project is roughly $765 million. It see the project starting production in 2017 and previously valued the project at a nominal $45 per ounce of gold equivalent resource, or about $550 million.
The 40% increase in its net asset value estimate for Ambler increases the firms total net asset value estimate for the company by about 3%. As a result McNicoll Lewis & Vlak raised its price target slightly to $19.
For more ratings news on NovaGold Resources click here and for the rating history of NovaGold Resources click here.
Shares of NovaGold Resources closed at $11.21 yesterday.
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