RBC Capital Upgrades New Gold (NGD:CN) (NGD) to Outperform
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RBC Capital analyst Michael Siperco upgraded New Gold (NGD:CN) (NYSE: NGD) from Sector Perform to Outperform with a price target of $1.25 (from $1.00).
The analyst commented, "We are upgrading NGD to Outperform from Sector Perform and have increased our price target to $1.25 from $1.00 following a site visit to the Rainy River mine. We have higher confidence in a production rebound from the open pit following rainfall-impacted 2Q22 results, as well as better visibility into the transition to underground mining. By 2024 we expect 40%+ higher GEO production at ~30% lower AISC. Risks remain including permitting at New Afton and ramp-up execution at both operations, however we are increasingly confident in production growth over the next 12-18 months. "
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