New Gold Upgraded to Outperform at RBC Capital
<p>RBC Capital upgraded <a href='https://financialmodelingprep.com/financial-summary/NGD'>New Gold Inc. (NYSE:NGD)</a> to outperform from sector perform and raised its price target to $1.25 from $1 following a site visit to the Rainy River mine.</p>
<p>The analysts have higher confidence in a production rebound from the open pit following rainfall-impacted Q2/22 results, as well as better visibility into the transition to underground mining. </p>
<p>By 2024 the analysts expect over 40% higher GEO production at approximately 30% lower AISC. According to the analysts, risks remain including permitting at New Afton and ramp-up execution at both operations, however, they are increasingly confident in production growth over the next 12-18 months.</p>

NYSE:NGD