New Gold (TSE:NGD) (ARCA:NGD) was downgraded by research analysts at Eight Capital from a “buy” rating to a “neutral” rating in a report released on Thursday, May 10th. They presently have a C$3.50 price target on the stock, down from their previous price target of C$4.25. Eight Capital’s price target would suggest a potential upside of 19.86% from the company’s current price.
Other equities analysts also recently issued reports about the company. Canaccord Genuity dropped their target price on New Gold from C$5.75 to C$5.50 in a research report on Friday, January 19th. National Bank Financial lowered their price objective on New Gold from C$6.25 to C$5.50 and set an “outperform” rating for the company in a research report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. New Gold has a consensus rating of “Hold” and a consensus target price of C$4.92.
TSE NGD traded down C$0.03 on Thursday, reaching C$2.92. The stock had a trading volume of 384,410 shares, compared to its average volume of 1,160,408. New Gold has a 1-year low of C$2.85 and a 1-year high of C$5.16.
About New Gold
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 operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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