New Gold (NGD) Price Target Cut to C$1.10 by Analysts at Canaccord Genuity
New Gold (TSE:NGD) (ARCA:NGD) had its target price cut by stock analysts at Canaccord Genuity from C$1.50 to C$1.10 in a report issued on Thursday. Canaccord Genuity’s price target suggests a potential upside of 6.80% from the company’s previous close.
A number of other research analysts have also recently commented on the stock. Desjardins decreased their target price on shares of New Gold from C$1.25 to C$0.75 and set a “sell” rating on the stock in a research report on Tuesday, September 4th. Cormark decreased their target price on shares of New Gold from C$2.50 to C$1.50 in a research report on Friday, September 21st. Eight Capital decreased their target price on shares of New Gold from C$1.75 to C$1.35 in a research report on Thursday, September 20th. National Bank Financial cut shares of New Gold from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from C$2.75 to C$1.70 in a research report on Thursday, August 9th. Finally, Beacon Securities cut shares of New Gold from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of C$2.27.
Shares of NGD stock traded up C$0.01 on Thursday, hitting C$1.03. 556,280 shares of the stock traded hands, compared to its average volume of 1,353,068. New Gold has a twelve month low of C$0.97 and a twelve month high of C$4.76.
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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