New Gold price target raised to $8.65 from $7.85 at BofA

BofA raised the firm’s price target on New Gold (NGD) to $8.65 from $7.85 and keeps a Buy rating on the shares. The firm raised price targets for its North American precious metals coverage by 16% on average on the back of higher gold and silver price forecasts, telling investors that the firm’s commodities team now forecasts gold to reach $5,000 per ounce and silver to hit $65 per ounce.