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The Northern Star Resources Ltd share price is heading lower

The Northern Star Resources Ltd (ASX:NST) share price is in the red today and trading 2.5% lower to $4.81.

Although the majority of Australia’s gold miners are sinking lower today following the U.S. Federal Reserve’s decision to raise interest rates, Northern Star shareholders have an extra reason to be nervous.

This morning a research note from UBS revealed that its analysts have initiated coverage on the gold miner with a sell rating and $4.64 price target.

According to the release the broker is concerned that the market has underestimated the recurring expenditure needed to underpin the future conversion of its resources.

Northern Star is targeting all-in sustaining costs of between A$1,000 and A$1,050 an ounce this year. Which will still make the gold miner highly profitable if the gold price stays at the current level.

The spot gold price is currently fetching US$1,265 an ounce, up around 2.8% since this time last month.

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