New Gold (AMEX:NGD) has impressed Bank of America (NYSE:BAC) enough for them to initiate coverage on the gold miner.
Reasons cited for the new coverage is the lowering of operation costs associated with mining, and the increase in production at the projects of the company.
Bank of America started New Gold off with a "Buy" rating, and placed a price target of C$7.65 on them.
New Gold closed in Toronto at $5.93, dropping $0.05, a loss of 0.84 percent.
In New York they were up slightly, closing at $5.76, a gain of $0.04, or 0.70 percent.
Shares traded hands at less than half normal volume.
New Gold has a market cap of about $2.26 billion.
1 comment:
Bank of America stock is very cheap. John Pulson did not reduce his stake in BAC. Read this article. It's a good read
http://www.stocksavenue.com/?p=545
Post a Comment