The Globe and Mail reports in its Thursday, Oct. 16, edition that Citi is short-term bullish on gold, with analyst Alexander Hacking stating that valuation analysis is less relevant, as equities will rise with gold prices and vice versa. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking updated his stock forecasts to reflect the firm's new gold price assumptions, projecting an average of $3,400 per ounce in 2025. His third quarter estimates are now slightly below consensus as gold prices continue to rise (all figures U.S.). Mr. Hacking has reaffirmed his "buy" recommendation for Novagold Resources. Mr. Hacking gave his share target a $5.50 boost to $7. Analysts on average target the shares at $8.78. Mr. Hacking says in a note, "We expect Novagold to appreciate as the Donlin Gold project is derisked over the next 12 months and gold prices are maintained at high levels." The Globe reported on June 5 that RBC Capital analyst Michael Siperco had upgraded Novagold Resources to "outperform" from "sector perform." The shares were then going for $4.41.