What’s the outlook for Northern Star share price in FY23?

The Northern Star Resources Ltd (ASX: NST) share price had a difficult time towards the end of FY22.

The gold miner finished the year down 32% last financial year and the trend has continued into FY23.

At the time of writing, Northern Star shares are up 1.62% on the day at $6.91 apiece.

What’s in store for Northern Star in FY23?

The price of gold continues to be a talking point for miners such as Northern Star. The yellow metal is now down more than 4% for the month and 6% over the last 12 months.

Its outlook looks choppy too, according to SPI Asset Management’s Stephen Innes. Speaking to Reuters, he said investors are “teetering on the edge of their seats ahead of US CPI”.

With the market convinced of another interest rate hike at the US Federal Reserve’s July meeting, “it feels like long positions in gold are still swimming upstream,” he added.

Meanwhile, 15 analysts covering Northern Star Resources have it rated as a buy right now, according to Refinitiv Eikon data.

In fact, there are no sell ratings for the company on the list.

The consensus price target is $12.25 per share, implying a return potential of 77% at the time of writing.

Certainly, analysts are bullish on the share and are expecting big things from it in FY23. As for the market, it continues to punish Northern Star with the stock trading near its 52-week lows during Wednesday’s session.

The company’s share price trajectory over the past year is illustrated below.

The post What’s the outlook for Northern Star share price in FY23? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Wednesday
• Down 23% in June, can the Northern Star Resource share price go up in July?
• Is this a good time to go digging for ASX 200 mining shares for FY23?
• 5 things to watch on the ASX 200 on Monday
• Why did the Northern Star share price lose its shine in FY22?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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