New Gold Downgraded to Hold at Desjardins (NGD)
New Gold (TSE:NGD) was downgraded by Desjardins from a “buy” rating to a “hold” rating in a research note issued on Monday, AnalystRatingsNetwork reports. They currently have a C$6.75 target price on the stock, down from their previous target price of C$7.00. Desjardins’ price target points to a potential upside of 5.80% from the stock’s previous close.
Shares of New Gold (TSE:NGD) traded up 0.31% on Monday, hitting $6.40. The stock had a trading volume of 412,956 shares. New Gold has a one year low of $4.99 and a one year high of $10.94. The stock has a 50-day moving average of $5.47 and a 200-day moving average of $6.34. The company has a market cap of $3.221 billion and a price-to-earnings ratio of 16.66.
Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity raised their price target on shares of New Gold from C$5.75 to C$7.00 in a research note to investors on Monday. They now have a “hold” rating on the stock. Separately, analysts at NBF cut their price target on shares of New Gold from C$8.00 to C$7.70 in a research note to investors on Friday. Finally, analysts at National Bank Financial cut their price target on shares of New Gold from C$8.00 to C$7.70 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of C$8.03.
New Gold Inc is engaged in gold mining and related activities, including acquisition, exploration, extraction, processing and reclamation.
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