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