BofA Securities on Wednesday upgraded its rating on the shares of New Gold (NGD.TO, NGD) to buy from outperform while raising its price target to C$5.45 from C$3.65 on improving operations from the company's two mines in Ontario and British Columbia.
"We double upgrade our rating on New Gold (NGD) to Buy from Underperform and raise our price objective (PO) to $3.90 (C$5.45) from $2.60 (C$3.65). NGD = an unfolding operational turnaround that is driving strong gold and copper production growth, falling unit costs, and an inflection higher in free cash flow; plus strong jurisdictional exposure, and an attractive valuation. The operational turnaround is supported by recent site visits to NGD's New Afton mine in British Columbia, and Rainy River mine in northwestern Ontario," the bank noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 5.02, Change: +0.21, Percent Change: +4.37
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。