Desjardins Sticks to Their Sell Rating for New Gold

By Ryan Adsit

The Materials sector company, New Gold (TSX: NGD), has received a rating update from a Wall Street analyst on July 10. Analyst Josh Wolfson from Desjardins reiterated a Sell rating, with a C$2.75 price target on July 10.

Wolfson has an average return of 8.1% when recommending New Gold.

According to TipRanks.com, Wolfson is ranked #2124 out of 4842 analysts.

Read also: Not Exactly Paradox, Reflation In Oil Deflation In Copper

Currently, the analyst consensus on New Gold is a Hold with an average price target of C$3.88.

New Gold’s market cap is currently C$1.59B and has a P/E ratio of 0. The company has a Price to Book ratio of 0.58.

New Gold Inc. engages in the development and operation of mineral properties. Its portfolio includes Rainy RIver, Mesquite, New Afton, Peak Mines, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.

The company’s shares closed on Thursday at C$2.74, close to its 52-week low of C$2.66.