New Gold price target raised to $3.50 from $3.25 at Scotiabank

Scotiabank raised the firm’s price target on New Gold (NGD) to $3.50 from $3.25 and keeps an Outperform rating on the shares. The firm has adopted higher gold and silver prices for the next few years, the analyst tells investors. The net result of the revisions made by the firm has a positive impact on its NAV estimates, which has led Scotiabank to adopt higher price targets for many companies in its Gold & Precious Minerals coverage.