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11 Stocks Under $4 With Upside: Analysts

3. Midway Gold (MDW), an exploration company, engages in the acquisition, exploration and development of gold and silver mineral properties in North America. It has mineral properties in Nevada and Washington. Its exploratory-stage projects are Spring Valley, Pan and Golden Eagle gold properties, which have identified gold mineralization. The company also owns early-stage gold and silver exploration projects Roberts Creek, Gold Rock and Burnt Canyon.

Midway has announced that total gold identified at its wholly owned Spring Valley project in Nevada has improved from the previous inferred resource estimate in 2009. During the past two years, drilling at Spring Valley has led to the conversion of 2.16 million ounces of gold to the measured (0.93 million ounces) and indicated (1.23 million ounces) categories. In addition, new drilling produced an additional inferred resource of 1.97 million ounces of gold at the same cut-off grade.

Going forward, the company believes that the Spring Valley results are emerging as a world-class gold system, and hold the potential for substantial growth and continued exploration. Drilling in 2011 is expected to focus on expanding the resource and evaluating satellite targets, particularly within the recently acquired land south of the existing resource.

Of the three analysts covering the stock, 67% recommend it as a buy while the remaining rate it a hold. There are no sell ratings on the stock. The stock's average 12-month price target is $3.3, which is 82.3% higher than the current price, as per analysts surveyed by Bloomberg.

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