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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.
Newcastle may not have started well in the English Premier League so far but they still have enough chances to turn around in the Premier League. Newcastle have played six matches so far this season in the English Premier League where they have won three matches and lost three matches meaning they have not shared any points either in the points they have gained or the points they have lost.
Newcastle have a chance to turn around but they might drop points again in the next match as their next match in the English Premier League is against Manchester City which is never going to be easy for them.
Considering the fact that Newcastle have lost four of their last five matches against Manchester City and drawn only one match, it is very likely that Newcastle will drop points in the next match.