National Bankshares Forecasts Strong Price Appreciation for New Gold (TSE:NGD) Stock

New Gold (TSE:NGD) (ARCA:NGD) had its target price upped by equities research analysts at National Bankshares from C$11.50 to C$12.50 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. National Bankshares’ price objective suggests a potential upside of 21.01% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. TD Securities increased their target price on New Gold from C$7.00 to C$7.50 and gave the stock a “hold” rating in a research note on Thursday. Canaccord Genuity Group increased their target price on New Gold from C$9.00 to C$12.50 in a research note on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$9.49.

New Gold Price Performance

Shares of TSE NGD opened at C$10.33 on Thursday. The firm has a market cap of C$8.18 billion, a P/E ratio of 51.65, a price-to-earnings-growth ratio of -3.02 and a beta of 1.93. The company has a current ratio of 1.42, a quick ratio of 1.64 and a debt-to-equity ratio of 45.12. New Gold has a 1-year low of C$3.43 and a 1-year high of C$10.59. The business’s 50 day moving average is C$9.27 and its 200-day moving average is C$7.22.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.