10 Cheap Canadian Stocks to Buy According to Analysts

6. New Gold Inc. (NYSEAMERICAN:NGD)

Forward P/E Ratio: 7.7

Earnings Growth This Year: 76.72%

Analyst Upside Potential: 28.68%

New Gold Inc. (NYSEAMERICAN:NGD) is a Canadian company that primarily focuses on mining gold, silver, and copper. It operates two main mines in Canada including the Rainy River Mine, which produces gold, and the New Afton Mine, which produces gold and copper. On February 25, Michael Siperco from RBC Capital maintained a Buy rating on the stock, with a price target of $4.

The company released its fiscal fourth quarter 2024 earnings report on February 19. It produced 298,303 ounces of gold and 54 million pounds of copper in 2024. A notable achievement was that all-in-sustaining costs for gold were $1,239 per ounce, which was below the company’s guidance range of $1,240 to $1,340 per ounce. Management also noted that it benefited from the increased gold and copper prices resulting in a free cash flow generation of $85 million during 2024. Considering its cheap valuation and analyst upside potential for the next year, New Gold Inc. (NYSEAMERICAN:NGD) is one of the cheap Canadian stocks to buy according to analysts.