RE:DJ New Gold Inc. Price Target Raised to $3.50/Share From $3.stockwatch.com
Globe says RBC keeps New Gold at "outperform"
2024-09-11 08:20 ET - In the News
The Globe and Mail reports in its Wednesday edition that precious metals analysts at RBC Dominion Securities are forecasting "exceptionally strong" results for gold equities in the second half of 2024. The Globe's David Leeder writes in the Eye On Equities column that the RBC analysts have reaffirmed New Gold at "outperform." The RBC analysts gave their share target a 50-cent boost to $3.50 (all figures U.S.). Analysts on average target the shares at $2.72. The RBC analysts say in a note: "Investment demand is growing, but some price risks are present near-term. Gold prices have continued to reach new record high prices of more than $2,500 per ounce, supported by strengthening investment demand on shifts in monetary policy expectations, a key component of our bullish view. Since our prior May outlook, consensus rate cut expectations have sharply increased, now slightly exceeding our gold price model inputs. Our gold price forecasts are slightly lower in 3Q vs. spot. ... We view some downside risk near-term in light of consensus rate forecasts." The Globe reported on Aug. 23 that Canaccord Genuity analyst Jeremy Hoy was keeping his "buy" recommendation for New Gold intact. The shares could then be had for $2.65.