11:33 AM EST, 02/13/2025 (MT Newswires) -- New Gold ( NGD ) share ratings and price targets were unchanged at RBC Capital Markets and National Bank of Canada after the company released its 2025 guidance.

RBC on Wednesday maintained it outperform rating on New Gold ( NGD ) shares and its US$4.00 price target, as it believes investors should focus on the better outlook at the New Afton mine, declining costs and improved 2026 outlook.

New Afton added a year of mine life to 2031 while the Rainy River operation maintained its existing reserve life through 2034, the bank said.

"The guidance for 2025 was overall weaker than expected (with FCF heavily 2H weighted), however the 2026 outlook is stronger and better than consensus on gold/copper production from New Afton," RBC said.

National Bank on Wednesday also retained it outperform rating on New Gold ( NGD ) shares and $6.00 price target.

The bank said the Outperform rating was based on New Gold's ( NGD ) high exposure to a low-risk jurisdiction, improved free cash flow profile going forward as well as the good start to the C-Zone ramp-up to date.

National Bank said its price target was derived from a 100% weighted 5.00x NTM EV/EBITDA target multiple, which implies a 1.00x P/NAV multiple.

Price: 4.16, Change: -0.13, Percent Change: -2.92