Credit Suisse Downgrades New Gold to Neutral (NGD)
New Gold (NYSE:NGD) was downgraded by equities researchers at Credit Suisse from an “outperform” rating to a “neutral” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $6.50 price objective on the stock. Credit Suisse’s price objective suggests a potential upside of 15.04% from the company’s current price. The analysts noted that the move was a valuation call.
New Gold (NYSE:NGD) last issued its earnings results on Tuesday, October 29th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.06 by $0.02. The company had revenue of $196.00 million for the quarter, compared to the consensus estimate of $234.00 million. During the same quarter in the prior year, the company posted $0.09 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis.
A number of other firms have also recently commented on NGD. Analysts at Desjardins downgraded shares of New Gold from a “top pick” rating to a “buy” rating in a research note to investors on Thursday, January 9th. Analysts at Goldman Sachs Group Inc. reiterated a “hold” rating on shares of New Gold in a research note to investors on Tuesday, October 22nd. They now have a $7.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. New Gold currently has a consensus rating of “Hold” and an average target price of $8.87.
New Gold Inc (NYSE:NGD) is an intermediate gold producer with a portfolio of global assets in the United States, Mexico, Australia, Canada, Chile and Brazil.
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