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New Gold Inc
Symbol NGD
Shares Issued 790,474,951
Close 2024-06-03 C$ 2.93
Market Cap C$ 2,316,091,606
Recent Sedar Documents

Globe says CIBC's Soni hikes New Gold to "outperformer"

2024-06-04 08:24 ET - In the News

The Globe and Mail reports in its Tuesday, June 4, edition that CIBC World Markets analyst Anita Soni has elevated her recommendation for New Gold to "outperformer" from "neutral." The Globe's David Leeder writes that Ms. Soni gave her share target a 90-cent boost to $3 (all figures U.S.). Analysts on average target the shares at $2.26. Ms. Soni says in a note: "After coming off restriction, we are upgrading our rating after New Gold announced it is increasing its ownership in its New Afton mine through the buyback of a portion of the OTPP interest in the mine and provided an exploration update from the K-Zone. ... After adding in the share issuance, increasing the balance on the RCF by $95-million, and changing the ownership of New Afton to 80.1 per cent from the end of May onwards, our NAV increases slightly to $2.19/sh from $2.01/sh. Additionally we are upgrading our CFPS multiple from four times to seven times to reflect the increased weighting of the longer-life New Afton mine (eight years) vs. Rainy River (six years plus stockpiles) and the recently announced exploration through K-Zone, as well as increasing our NAV multiple to 1.1 times from one times to reflect the recent operational consistency."

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