RE:BMO starts coverage 2022-06-07 07:48 ET - In the News
The Globe and Mail reports in its Tuesday, June 7, edition that BMO Nesbitt Burns analyst Andrew Mikitchook rates New Found Gold "outperform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Mikitchook set a share target of $10. Analysts on average target the shares at $11.15. Mr. Mikitchook calls New Found Gold's "high-profile" Queensway discovery in Newfoundland "one of the higher profile successes globally for its combination of high grade and thickness." Mr. Mikitchook says in a note: "The project, and particularly the Keats zone, has produced extremely strong drill intercepts, with Keats providing multiple triple-digit gold assays across widths exceeding 10 metres. The grade and apparent scalability of mineralization defined thus far at the project sets it apart from most other recent gold discoveries. The project is at an early stage, with no resource and the Keats zone only discovered in 2019. In our view, the company has strong potential to add additional zones and expand what has already been defined. ... We see strong potential for the substantial 2022 exploration program to continue to build value for shareholders."