BofA Raises Price Target on New Gold Inc. (NGD) to $5.45, Keeps Buy Rating
Aerial view of an open mine with large cranes and excavators working on the surface.
It also cited the continued strength in gold purchases from China's central bank in May, stating that the gold price rose considerably and is up 31% year-to-date, while highlighting several price objectives among gold miners.
New Gold Inc. (NYSE:NGD) is a Canada-based intermediate gold mining company that acquires, explores, and develops natural resources properties, including gold. It operates two core-producing assets in the country: the Rainy River gold mine and the New Afton copper-gold mine. New Gold Inc. (NYSE:NGD) also holds other Canadian-focused investments.
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: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.
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Trade top of mind as Canada's premiers are set to hold three-day meeting in Ontario
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Carney himself is fresh off a meeting with hundreds of First Nations chiefs, many of whom have expressed concerns about their rights being sidelined as the prime minister looks to accelerate projects in the "national interest." Some of the top priorities premiers are pushing include pipelines and mining in Ontario's Ring of Fire region, and chiefs have said that must not happen by governments skirting their duty to consult. Ontario Premier Doug Ford, who has served for the past year as head of the Council of the Federation, is host of the meeting and said in a statement that protecting national interests will be top of mind. 'This meeting will be an opportunity to work together on how to respond to President Trump's latest threat and how we can unleash the full potential of Canada's economy," Ford wrote. Trump and Carney agreed in June at the G7 summit to try and reach a trade deal by July 21 but Trump recently moved that deadline to Aug. 1, while telling Carney he intends to impose 35 per cent across-the-board tariffs on Canada that same day. Carney has said Canada is trying to get an agreement on softwood lumber exports included in the negotiations with the United States. British Columbia Premier David Eby said he intends to raise the issue and others of particular importance to B.C. at the meeting. "(We want to) get access to the same level of attention, for example, on the softwood lumber as Ontario gets on the auto parts sector, (and) that we get the same amount of attention on capital projects as Alberta is currently getting in relation to their proposals," Eby said last week in Victoria. Alberta Premier Danielle Smith has been making a big push for new pipelines, but said during a press conference Friday that her focus would also be on premiers working together to address the tariff threat, including interprovincial trade. "I was really pleased to sign (a memorandum of understanding) with Doug Ford during the time he was here in during Stampede, and other provinces are working on those same kind of collaborative agreements," she said. "We need to do more to trade with each other, and I hope that that's the spirit of the discussion." Smith and Ford signed an MOU earlier this month to study new pipelines and rail lines between provinces, and both premiers also talked about wanting Carney to repeal a number of energy regulations like net-zero targets, the West Coast tanker ban and a proposed emissions cap. Ford has also taken a lead role on increasing interprovincial trade, signing MOUs with several provinces and enacting a law to remove all of Ontario's exceptions to free trade between the provinces and territories. Nova Scotia's Tim Houston is another premier banging the drum of interprovincial trade, saying the trade war is forcing action on it. "We're seeing the benefit of working together to respond to economic threats from the U.S. by breaking down internal trade barriers and opportunities to expand in other international markets," he wrote in a statement. Ford has said the premiers will also talk about emergency management, energy security, sovereignty and national security, health, and public safety. The premiers have also been pushing the federal government to reform bail laws and Carney said last week that legislation will be introduced in the fall and he expects to discuss the issue with the premiers on Tuesday. 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Student loan debt may be tougher to pay off and expand the wealth divide after passage of Trump's big bill
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