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If we consider their current position (8th place) and the teams that stays in the top 5 now (Man City, Arsenal, Liverpool, Tottenham, Brighton), it will be difficult for Newcastle to return to the top 4. Losing too many points in early of this season become a big obstacle for Newcastle to repeat their good history in the last season. Moreover, their current performance isn't as stable as in the last season. So, I'm sure that they won't target to finish this season in the top 4 (UCL zone) anymore.
You've been into Newcastle's board meetings that you can freely say you're "sure" it's not their target? They are just five points behind Spurs and there are still plenty of games to play so it's not logical that they would give up this early. They've dropped points and have been shaky for sure but who can say that Brighton or Spurs won't have a bad spell? I'm focusing on the two since they are the most likely teams that would drop out of the top 4.