New Gold downgraded to Reduce at TD Securities following recent strength

As previously reported before the open, TD Securities analyst Steven Green downgraded New Gold to Reduce from Hold with an unchanged price target of 85c, citing both the recent strength in the share price as well as what he calls "a relatively weak near-term outlook." He believes the near-term outlook remains challenging for New Gold at current gold prices, with negative free cash flow expected to continue for the next several quarters until the C-Zone at New Afton is fully on-line in late 2023, Green tells investors.