New Gold Price Target Raised to C$7.00 at Canaccord Genuity (NGD)
Stock analysts at Canaccord Genuity lifted their price objective on shares of New Gold (TSE:NGD) from C$5.75 to C$7.00 in a report issued on Monday, Stock Ratings Network reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s price target suggests a potential upside of 9.72% from the company’s current price.
New Gold (TSE:NGD) traded up 0.31% during mid-day trading on Monday, hitting $6.40. 412,956 shares of the company’s stock traded hands. New Gold has a 1-year low of $4.99 and a 1-year high of $10.94. The stock’s 50-day moving average is $5.47 and its 200-day moving average is $6.34. The company has a market cap of $3.221 billion and a P/E ratio of 16.66.
Several other analysts have also recently commented on the stock. 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. Separately, 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. Finally, analysts at Credit Suisse downgraded shares of New Gold to a “neutral” rating in a research note to investors on Wednesday, January 15th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. New Gold presently has an average rating of “Buy” and an average target price 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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