RBC Capital upgraded NovaGold (NG) to Outperform from Sector Perform with a price target of $7, up from $5. The firm sees the company’s new partnership as reviving the Donlin project after progress had stalled under the Barrick joint venture. The shares offer valuation upside in a bullish gold price environment over the next several years, starting with the resumption of work on an updated feasibility study work, the analyst tells investors in a research note.
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