Noble Upgrades Pershing Gold; Hikes Target To $6
So, it's looking like the analysts at Noble are bullish on Pershing Gold.
They're revising their price target for the stock to $6 (it current trades at $4.39).
This comes on the heels of a new Preliminary Economic Assessment (PEA) published by Pershing, which revealed financial information on its holdings in the Relief Canyon Mine.
The PEA was full of good news for investors, including two alternate strategies to profitability: self-mining by Pershing itself, and "mining through mine contractors who supply the manpower and equipment to deliver material to the Company's processing facilities."
These are two distinct paths to growth for a company that has already purchased valuable mining rights at highly prized Nevada sites.
Personally I think this is great news for a stock that has gotten some negative press lately, showing that its financial future may be promising after all.
What do you think? Buy? Sell? Hold? Any other thoughts?
