NGD - Why Shares of New Gold Endeavour Silver and Coeur Mining Are Soaring Today
Running rampant through the markets, the bulls are bidding the S&P 500 and the Dow Jones Industrial Average higher on the first day of trading in October. Shares of precious metals stocks, however, are looking especially lustrous in investors' eyes thanks to companies receiving favorable coverage from Wall Street and silver and gold prices rising higher.
As of 11:15 a.m. ET, shares of New Gold (NYSEMKT: NGD) are up 13.4%, while Endeavour Silver (NYSE: EXK) and Coeur Mining (NYSE: CDE) have risen 11.6% and 15.1%, respectively.
Believing that New Gold's stock has room to run, Michael Siperco, an analyst at RBC Capital, raised his price target on the company's stock to $1.25 from $1. Based on the stock's closing price of $0.88 on Friday, Siperco's upwardly revised price target implies upside of 42%.
According to TheFly.com, Siperco predicated the new price target on his confidence -- after visiting the asset -- that mineral production will increase at the company's Rainy River mine in the third quarter, as well as gold equivalent ounce (GEO) production rising by 2024 and all-in sustaining costs (AISC) falling.
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Why Shares of New Gold, Endeavour Silver, and Coeur Mining Are Soaring Today