NovaGold Resources (TSE:NG) Upgraded by Scotiabank to Strong-Buy Rating

Key Points

• Scotiabank upgraded NovaGold Resources (TSE:NG) to a strong-buy, Canaccord raised its rating to a "moderate buy," and the analyst consensus is a Strong Buy with a C$18.00 target price.
• Shares opened at C$12.30 with a market capitalization of C$5.40 billion and 50/200‑day moving averages around C$13.5; the 52‑week range is C$4.71–C$19.69. The company reported C($0.05) EPS for the quarter and shows a negative P/E of -47.31.

NovaGold Resources (TSE:NG - Get Free Report) was upgraded by investment analysts at Scotiabank to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

Separately, Canaccord Genuity Group upgraded shares of NovaGold Resources to a "moderate buy" rating in a research report on Thursday, March 26th. Three equities research analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, NovaGold Resources has a consensus rating of "Strong Buy" and a consensus target price of C$18.00.

NovaGold Resources Price Performance

TSE NG opened at C$12.30 on Wednesday. The firm has a market capitalization of C$5.40 billion, a price-to-earnings ratio of -47.31 and a beta of 3.28. The company's fifty day moving average is C$13.53 and its two-hundred day moving average is C$13.32. NovaGold Resources has a 52-week low of C$4.71 and a 52-week high of C$19.69.

NovaGold Resources (TSE:NG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 1st. The company reported C($0.05) earnings per share (EPS) for the quarter.

About NovaGold Resources

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.

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