Canaccord Genuity Sticks to Their Hold Rating for New Gold

By Carrie Williams

Wall Street analyst has provided a review for the Materials company on June 27, but retained the same rating on the stock. On June 27, analyst Rahul Paul gave a Hold rating to NGD and set a C$4.25 price target.

According to TipRanks.com, Paul is a 1-star analyst with an average return of -2.6% and a 42.1% success rate. Paul covers the Basic Materials sector, focusing on stocks such as Golden Star Resources Ltd, Detour Gold Corporation, and Fortuna Silver Mines.

Currently, the analyst consensus on New Gold is Moderate Buy and the average price target is C$4.63, representing a 12.7% upside.

In a report issued on June 27, GMP FirstEnergy also reiterated a Hold rating on the stock with a C$4.50 price target.

New Gold’s market cap is currently C$2.31B and has a P/E ratio of 66.4.

New Gold Inc. engages in the production of gold. It operates mines in Canada, the United States, Australia, and Mexico and development projects in Canada. It operates through the following segments: New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate, and Other.

The company’s shares closed on Wednesday at $4.11.