Analyst Actions: Northern Dynasty Downgraded at Canaccord

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The U.S. Environmental Protection Agency has released a report on the Bristol Bay watershed area that holds Northern Dynasty Minerals Ltd.'s (NDM.TO) Pebble copper-gold project in Alaska, the Globe and Mail reports.

It indicates that there is potential for large-scale mining operations to have adverse impact on the salmon fishery. "We believe the EPA's draft conclusions add to the negative perception regarding the project, and suggest that environmental opposition's case against the Pebble project could gain traction," Canaccord Genuity analyst Wendell Zerb reportedly said in a research note.

Canaccord Genuity downgraded the stock to "hold" from "speculative buy" and cut the price target to $7 from $11.45.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities


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