Citi Raises Price Target for Northern Star Resources Amid De Grey Mining Takeover Review

Fri 14 Mar 25, 12:06 AM | Team Kalkine

Citi analysts have raised the price target for Australian gold miner Northern Star Resources (ASX:NST) to AU$18, up from AU$17.90, following an independent expert review of De Grey Mining’s (ASX:DEG) valuation. De Grey, a takeover target for Northern Star, was valued between AU$4 billion ($2.51 billion) and AU$4.8 billion ($3.02 billion) — notably lower than NST’s AU$7.95 billion offer.

Despite the valuation gap, Citi noted that the review's findings align broadly with market consensus. The brokerage also highlighted that De Grey’s production ramp-up expectations appear "optimistic," suggesting potential long-term benefits if growth targets are met.

Northern Star’s stock has gained 12.6% year-to-date, reflecting investor confidence in the company’s growth strategy. According to LSEG data, nine out of 15 analysts rate NST as a "buy" or higher, while six recommend holding. The median price target for the stock stands at AU$20.25.

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