The Globe and Mail reports in its Friday, Dec. 30, edition that National Bank Financial analyst Paolo Lostritto is holding firm on his "outperform" rating and target price of $3.80 on San Gold ($1.87). The Globe's Jody White writes in the Eye On Equities column that Mr. Lostritto says a set of strong drill results from a high grade zone in Manitoba bode well for San Gold. Mr. Lostritto says market conditions favour companies such as San Gold that have growth opportunities and are able to pay for them through existing cash flows. CIBC World Markets analyst Barry Cooper was bearish on San Gold in the Eye column on Oct. 5, 2010, when it could be had for $3.25. In the item Mr. Cooper lowered his price target to $4.75 from $6. Mr. Cooper warned that San Gold could face lower grades than expected at its Rice Lake project. Mr. Cooper downgraded his price target on San Gold to $3.60 from $5.50 in the Eye column on May 17, 2011. The stock was then worth $2.66. He said mined grades had fallen short of those indicated by project reserves. Mr. Cooper knocked his rating on San Gold back to "sector performer" from "sector outperformer" in the Eye column on Nov. 18, 2011, when it could be had for $1.96