New Gold (TSE:NGD) Price Target Increased to C$4.00 by Analysts at Canaccord Genuity Group

New Gold (TSE:NGD) (ARCA:NGD) had its target price lifted by Canaccord Genuity Group from C$3.25 to C$4.00 in a research report issued to clients and investors on Tuesday, BayStreet.CA reports. Canaccord Genuity Group’s target price would suggest a potential upside of 32.89% from the stock’s previous close.

Several other equities analysts also recently weighed in on NGD. Scotiabank raised New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 21st. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Bank of America boosted their price objective on New Gold from C$1.90 to C$2.30 in a report on Tuesday, April 9th. CIBC upgraded New Gold from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from C$2.10 to C$3.00 in a research report on Monday, June 3rd. Finally, TD Securities raised shares of New Gold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 21st. One analyst has rated the stock with a hold rating, three have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of C$3.26.

New Gold Price Performance

New Gold stock traded down C$0.01 during mid-day trading on Tuesday, reaching C$3.01. 301,414 shares of the company’s stock traded hands, compared to its average volume of 1,442,815. New Gold has a 12-month low of C$1.17 and a 12-month high of C$3.35. The company has a quick ratio of 1.64, a current ratio of 1.51 and a debt-to-equity ratio of 54.32. The stock has a 50 day moving average of C$2.84 and a two-hundred day moving average of C$2.33. The company has a market cap of C$2.08 billion, a price-to-earnings ratio of -21.50, a PEG ratio of -3.02 and a beta of 1.60.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings results on Tuesday, April 30th. The company reported C$0.03 EPS for the quarter, beating analysts’ consensus estimates of C$0.01 by C$0.02. The firm had revenue of C$258.98 million during the quarter. New Gold had a negative net margin of 9.81% and a negative return on equity of 9.44%. Equities analysts forecast that New Gold will post 0.2190332 earnings per share for the current year.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.