RBC Capital Upgrades New Gold (NGD:CN) (NGD) to Outperform

October 3, 2022 6:45 AM EDT
Get Alerts NGD Hot Sheet
Price: $1.09 +6.86%

Rating Summary:
    8 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 13 | New: 17
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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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