Is New Gold (NGD) One of the Most Undervalued Canadian Stocks to Buy According to Hedge Funds?

Core Viewpoint - New Gold Inc. (NYSEAMERICAN:NGD) is considered one of the most undervalued Canadian stocks, with recent price target increases from analysts indicating strong potential for growth in light of rising gold and silver prices driven by economic and geopolitical uncertainties [1][2]. Group 1: Analyst Ratings and Price Targets - Scotiabank analyst Eric Winmill raised the price target for New Gold to $12.75 from $10.50, maintaining an Outperform rating [1]. - Canaccord increased its price target for New Gold to C$18 from C$15 while keeping a Buy rating [2]. Group 2: Company Performance - In Q3 2025, New Gold reported record production at its Rainy River mine, generating $205 million in free cash flow, a 225% increase from the previous quarter, with Rainy River contributing $183 million [4]. - Consolidated production reached 115,200 ounces of gold and 12 million pounds of copper, with all-in sustaining costs significantly reduced to $966 per gold ounce [4]. Group 3: Company Overview - New Gold Inc. is an intermediate gold mining company focused on developing and operating mineral properties in Canada, primarily exploring for gold, silver, and copper deposits [5].