National Bank Believes New Gold (NYSE MKT: NGD) Won’t Stop Here

In a report released today, Mike Parkin from National Bank maintained a Buy rating on New Gold (NGDResearch Report), with a price target of C$3.75. The company’s shares closed last Tuesday at $2.16, close to its 52-week high of $2.22.

According to TipRanks.com, Parkin is a 1-star analyst with an average return of -2.4% and a 35.7% success rate. Parkin covers the Basic Materials sector, focusing on stocks such as Kirkland Lake Gold, Barrick Gold, and Kinross Gold.

New Gold has an analyst consensus of Moderate Buy, with a price target consensus of $2.07, which is a 0.0% upside from current levels. In a report issued on October 14, BMO Capital also maintained a Buy rating on the stock with a C$4.00 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.