Credit Suisse Keeps a Hold Rating on New Gold (NGD)

By Ryan Adsit

In a report issued on July 22, Fahad Tariq from Credit Suisse maintained a Hold rating on New Gold (NGDResearch Report), with a price target of $1.40. The company’s shares closed last Tuesday at $1.66, close to its 52-week high of $1.71.

According to TipRanks.com, Tariq is a 5-star analyst with an average return of 31.4% and a 78.1% success rate. Tariq covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Kirkland Lake Gold, and Newmont Mining.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for New Gold with a $1.51 average price target.

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Based on New Gold’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $142 million and GAAP net loss of $28.3 million. In comparison, last year the company earned revenue of $168 million and had a GAAP net loss of $13.4 million.

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