Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the SPDR S&P North American Natural Resources ETF (NANR), we found that the implied analyst target price for the ETF based upon its underlying holdings is $65.03 per unit.