Canaccord Increases PT on New Gold Stock from $5.99 to $6.53, Maintains Buy Rating

New Gold Inc. (NYSE:NGD) is one of the Best Gold Mining Companies to Buy Now. On August 1, Canaccord increased the price target on New Gold Inc. (NYSE:NGD) stock from $5.99 to $6.53, maintaining its Buy rating.

Jeremy Hoy from Canaccord raised the price target on New Gold Inc. (NYSE:NGD) following the strong Q2 FY2025 results. The company posted revenue of $308 million and adjusted earnings per share of $0.11. The analyst remains positive on New Gold following a record FCF of $63 million in Q2, with Rainy River contributing the highest quarterly FCF of $45 million. The increase in FCF at Rainy River was driven by increased production and processing of higher-grade open-pit ore.

Hoy believes that the increase in FCF will underpin further share price outperformance as the company delivers on near-term production growth. New Gold has also made notable progress on the C-Zone cave construction at New Afton, which remains one of the top-producing mines for the company.

New Gold Inc. (NYSE:NGD) is a Canadian gold mining company that is engaged in the development and operation of mineral properties. The company primarily explores for gold, silver, and copper deposits.

While we acknowledge the potential of NGD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.