Thanks
Yves
Yes, Canaccord is on the sell side. Some analysts will get conservative on small cap stocks after a big run. There is not a lot of career upside for them by sticking their necks out. We would not read too much into the move. PNG has 6 analysts, five at BUY and one at HOLD. Average target price is $3.88. If we look at successful small cap stocks in the past analysts are typically well-behind the curve on growth. This doesn't guarantee anything with PNG but generally we have found it pays to not pay too much attention to analyst moves if one is truly a long term investor.