New Gold Coverage Initiated by Analysts at Barclays Capital (NGD)
Equities research analysts at Barclays Capital initiated coverage on shares of New Gold (TSE:NGD) in a research note issued to investors on Wednesday, American Banking & Market News reports. The firm set an “equal weight” rating and a C$8.00 price target on the stock. Barclays Capital’s price target points to a potential upside of 11.27% from the company’s current price.
A number of other firms have also recently commented on NGD. Analysts at Desjardins cut their price target on shares of New Gold (TSE:NGD) from C$12.00 to C$11.75 in a research note to investors on Friday, September 6th. They now have a “top pick” rating on the stock. Separately, analysts at BMO Capital Markets reiterated an “outperform” rating on shares of New Gold (TSE:NGD) in a research note to investors on Monday, August 12th. They now have a C$9.25 price target on the stock, down previously from C$12.00. Finally, analysts at Scotiabank downgraded shares of New Gold (TSE:NGD) from a “sector outperform” rating to a “sector perform” rating in a research note to investors on Monday, July 8th. They now have a C$8.00 price target on the stock, down previously from C$13.00.
Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of C$9.92.
New Gold (TSE:NGD) traded up 12.17% during mid-day trading on Wednesday, hitting $7.19. 2,120,158 shares of the company’s stock traded hands. New Gold has a one year low of $5.96 and a one year high of $12.50. The stock has a 50-day moving average of $7.18 and a 200-day moving average of $7.5. The company has a market cap of $3.591 billion and a price-to-earnings ratio of 15.63.
New Gold Inc is engaged in gold mining and related activities, including acquisition, exploration, extraction, processing and reclamation.
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