New Pacific Metals price target lowered to $3.40 from $5 at Roth MKM

Roth MKM analyst Joe Reagor lowered the firm’s price target on New Pacific Metals to $3.40 from $5 and keeps a Buy rating on the shares. The company has released the results of an initial PEA – Preliminary Economic Assessment – for the Carangas project in Bolivia, and while the PEA confirmed the firm’s view that the project has significant potential, Roth MKM is cutting its price target to reflect longer permitting timelines for its projects, the analyst tells investors in a research note. The firm maintains however that the stock is still “significantly undervalued” compared to its peer group.