New Gold price target raised to C$9.50 from C$6.50 at CIBC

CIBC analyst Anita Soni raised the firm’s price target on New Gold (NGD) to C$9.50 from C$6.50 and keeps an Outperformer rating on the shares. CIBC upped price targets in the sector to reflect its higher gold price forecasts. It now sees $4,500 per ounce in in 2026 and 2027. CIBC also upped its silver forecasts to $55 per ounce in 2026 and 2027. Given the recent run in gold price and corresponding stock outperformance year-to-date, “some of these revisions are a catch-up,” the analyst tells investors in a research note.