New Gold (TSE:NGD) Lifted to Buy at Canaccord Genuity Group

New Gold (TSE:NGD – Get Rating) (ARCA:NGD) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a C$3.00 price objective on the stock, up from their prior price objective of C$2.25. Canaccord Genuity Group’s target price indicates a potential upside of 42.18% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. National Bankshares reduced their target price on New Gold from C$2.75 to C$2.50 in a report on Wednesday. BMO Capital Markets cut their price target on New Gold from C$3.50 to C$3.25 in a report on Thursday, February 24th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, New Gold has an average rating of “Hold” and a consensus price target of C$2.49.

Shares of New Gold stock traded down C$0.04 during trading hours on Friday, reaching C$2.11. The company’s stock had a trading volume of 602,859 shares, compared to its average volume of 1,781,937. The stock has a market cap of C$1.44 billion and a P/E ratio of 8.08. New Gold has a one year low of C$1.29 and a one year high of C$2.68. The company has a debt-to-equity ratio of 53.49, a quick ratio of 3.30 and a current ratio of 3.97. The company’s 50 day simple moving average is C$2.29 and its 200 day simple moving average is C$2.03.

New Gold (TSE:NGD – Get Rating) (ARCA:NGD) last released its earnings results on Wednesday, February 23rd. The company reported C$0.05 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of C$0.05. The business had revenue of C$255.43 million for the quarter. On average, sell-side analysts predict that New Gold will post 0.21 earnings per share for the current fiscal year.

About New Gold (Get Rating)

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario, Canada; and New Afton gold-copper mine located in British Columbia, Canada.

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