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Analysts at Morgan Stanley started coverage on shares of New Gold (NYSE:NGD) in a research report issued to clients and investors on Wednesday. The firm set an “overweight” rating and a $8.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 29.45% from the company’s current price.

New Gold (NYSE:NGD) opened at 6.18 on Wednesday. New Gold has a one year low of $4.68 and a one year high of $7.10. The stock’s 50-day moving average is $6.25 and its 200-day moving average is $5.78. The company’s market cap is $3.114 billion.

New Gold (NYSE:NGD) last released its earnings data on Thursday, July 31st. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02. The company had revenue of $178.10 million for the quarter, compared to the consensus estimate of $195.42 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts predict that New Gold will post $0.12 earnings per share for the current fiscal year.

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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