New Gold upgraded to Buy from Underperform at BofA

BofA upgraded New Gold (NGD) to Buy from Underperform with a price target of $3.90, up from $2.60. An unfolding operational turnaround is driving strong gold and copper production growth and falling unit costs, the analyst tells investors. Following site visits, the firm updated its model for new mine plans and raised its net asset value estimate by 19%, the analyst noted.