NovaGold Resources

NG · NYSE American

$6.47+$0.00 (+0.00%)TodayMarket closed · Oct 21, 6:07 AM ET

Prev close $6.47

NG analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $17.23 (+166.3% upside)

Low: $10.10
Now: $6.47
High: $33.04

Upgrades and downgrades

The latest rating actions, newest first

NG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 7, 2026	Maintains	Overweight	$13.60 → $13.00	53%
Morgan Stanley	Jul 8, 2026	Maintains	Overweight	$13.80 → $13.60	53%
Morgan Stanley	Apr 9, 2026	Initiates	Overweight	$13.80	53%
Canaccord Genuity	Mar 27, 2026	Initiates	Buy	$13.00	40%
RBC Capital	Mar 19, 2026	Maintains	Outperform	$18.00 → $14.00	49%
B. Riley Securities	Jan 27, 2026	Maintains	Buy	$11.00 → $13.00	33%

The case for and against

Updated Nov 21, 2025

Bull case

Novagold Resources Inc. holds a 60% ownership stake in the Donlin Gold project, recently bolstered by a $248 million equity financing, which enhances its financial position and potential for value creation. The company's positive outlook is further supported by a revised long-term gold price projection of $2,600 per ounce, coupled with an increased target enterprise value per ounce of $125, indicating a strong competitive stance relative to its peers. With the net present value (NPV) for the Donlin project expected to be approximately 120% higher at current gold prices, Novagold has significant upside potential as project advancement continues, solidifying its valuation against industry benchmarks.

Bear case

Novagold Resources Inc. faces significant challenges tied to the volatile nature of gold prices, which directly influence the financial viability of its Donlin Gold project in Alaska, particularly under conditions of declining gold prices. The company's dependency on substantial construction capital expenditures increases the risk regarding management's ability to effectively engineer a project that yields positive returns, compounded by environmental and economic costs associated with sourcing power solutions. Additional uncertainties arise from incomplete state and local permitting processes, potential local and NGO opposition, and the overall difficulty in financing the project's initial build costs, all contributing to a negative outlook for the stock.

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