UPDATE: Canaccord Genuity Downgrades Northern Dynasty Minerals to Hold on Headwinds and Risk Aversion

Canaccord Genuity reduces its rating on Northern Dynasty Minerals

and reduces its price target from C$11.45 to C$7. Canaccord Genuity notes, "We have adjusted our risk profile for NDM based on market conditions and project permitting challenges. We are decreasing our 12-month target price to C$7.00 per share (from C$11.45), and moving our recommendation to a market neutral, HOLD rating (was Speculative Buy)." NAK closed at $2.56 on Tuesday.