New Gold price target raised to $7 from $5.50 at Raymond James

Raymond James raised the firm’s price target on New Gold (NGD) to $7 from $5.50 and keeps a Market Perform rating on the shares. Gold and silver price forecasts have been raised for both the near and long term, reflecting strong year-to-date performance, ongoing economic and political uncertainty, and expectations of higher operating and incentive costs tied to increased reserve and resource pricing, the analyst tells investors in a research note.