CIBC analyst Anita Soni upgraded New Gold to Neutral from Underperformer and increased her price target on the stock to $1.35 from 60c to reflect the significantly improved Rainy River valuation under her revised assumptions for the price of gold. In the note, Soni and the team at CIBC said they started "the year bullish on the outlook for gold, and now find ourselves raising our price deck once again." The firm's full year price target for gold has been raised to $1,365/oz from $1,350/oz previously and for 2020 they raised their gold price target to $1,500/oz from $1,400/oz.