TD Securities analyst Wayne Lam upgraded New Gold (NGD) to Buy from Hold with a price target of $12, up from $7.50. The firm cites the proposed all-stock acquisition by Coeur Mining (CDE) for the upgrade. TD recommends New Gold shareholders tender to the offer, citing the “attractive price being paid.” Its base case scenario is the company will be successfully acquired due to a premium multiple being paid and limited likelihood of a superior competing bid.
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