Why New Found Gold (NFGC) Still Has Bullish Backing Despite a Lower Roth MKM Target

New Found Gold Corp. (NYSE:NFGC) is one of the worst-performing commodity stocks so far in 2026.

As of March 30, 2026, the stock was down 40.07% year-to-date. The stock is a consensus Buy, with all 4 analysts covering it assigning a Buy rating. The 1-year consensus median price target of $3.65 implies nearly 110% upside (per data compiled by CNN.com).

While analyst coverage remained relatively thin, a recent note from Roth MKM is notable. On March 10, 2025, Roth MKM analyst Mike Niehuser cut his price target on New Found Gold to $5 from $9 but maintained a Buy rating.

His comments suggested the target cut did not reflect a negative view on the underlying geology. Instead, he said the company had exceeded expectations in demonstrating the gold potential of the Queensway North area, citing mineralization to the north, south, and west of the Appleton Fault Zone, as well as at depths of more than one kilometer. The note pointed to a broader mineralized system even as the target was reduced.

New Found Gold Corp. (NYSE:NFGC) is a Canadian gold company focused on the Queensway Gold Project in Newfoundland and Labrador. The project spans about 220,000 hectares and more than 110 kilometers of strike across the Appleton and Joe Batt’s Pond fault zones.

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