New Gold (NGD) Receives a Buy from Canaccord Genuity

By Carrie Williams

In a report released yesterday, Dalton Baretto from Canaccord Genuity maintained a Buy rating on New Gold (NGDResearch Report), with a price target of C$1.50. The company’s shares closed last Monday at $0.76, close to its 52-week low of $0.61.

According to TipRanks.com, Baretto is a 4-star analyst with an average return of 8.9% and a 52.7% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Hecla Mining Company, Capstone Mining, and Teck Resources.

New Gold has an analyst consensus of Hold, with a price target consensus of $1.00.

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The company has a one-year high of $1.56 and a one-year low of $0.61. Currently, New Gold has an average volume of 2.24M.

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New Gold Inc. is engaged 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.