In a report released yesterday, Josh Wolfson from RBC Capital maintained a Sell rating on New Gold (NGD), with a price target of $1.50. The company’s shares closed last Monday at $2.08, close to its 52-week high of $2.22.
According to TipRanks.com, Wolfson is a 2-star analyst with an average return of 0.8% and a 56.1% success rate. Wolfson covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Kirkland Lake Gold, and Newmont Mining.
New Gold has an analyst consensus of Moderate Buy, with a price target consensus of $2.07, implying a 0.5% upside from current levels. In a report issued on October 8, Merrill Lynch also maintained a Sell rating on the stock with a $1.75 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 $129 million and GAAP net loss of $45.6 million. In comparison, last year the company earned revenue of $155 million and had a GAAP net loss of $35.7 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.
