Cormark Securities analyst Cormark reiterated a Hold rating on New Gold (NGD – Research Report) yesterday. The company’s shares closed last Thursday at $1.15, close to its 52-week low of $1.01.
The word on The Street in general, suggests a Hold analyst consensus rating for New Gold with a $1.67 average price target, which is a 45.2% upside from current levels. In a report issued on September 8, RBC Capital also upgraded the stock to Hold with a $1.50 price target.
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Based on New Gold’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $198 million and GAAP net loss of $15.8 million. In comparison, last year the company earned revenue of $129 million and had a GAAP net loss of $45.6 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.
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