New Gold price target raised to $2 from $1.65 at Scotiabank

Scotiabank raised the firm’s price target on New Gold to $2 from $1.65 and keeps a Sector Perform rating on the shares. The firm updated its estimates for Q1 metal prices and FX rates, the analyst tells investors. While higher gold prices should continue to rally after the quarter ends, the firm anticipates weaker Q1 production, but notes stronger margins should be realized in Q2 from elevated gold and silver prices.