The Globe and Mail reports in its Tuesday, April 18, edition that CIBC World Markets analysts, while seeing the first quarter as a "weak start" to 2023 in the precious metals sector, think the results could be "irrelevant" with gold at $2,000 (U.S.) per ounce. The Globe's David Leeder writes in the Eye On Equities column that CIBC analysts say in a note: "Repeating a five-year trend, we expect Q1 will be the lowest production and highest-cost quarter of 2023, with most companies pointing to a slow start to the year (weather, sequencing and maintenance), a trend which we believe was well telegraphed during Q4/22 results. We expect margin expansion both from the gold price (now running an early Q2/23 average of well above $2,003/oz, vs. $1,889/oz in Q1/23), and from operating cost declines as production volumes increase. ... Overall, we believe the precious metals will remain strong in the coming quarters after establishing considerably higher base price levels." With that view, the CIBC analysts on Monday boosted their share target for New Gold to $1.50 (U.S.) from $1.30 (U.S.), while maintaining a "neutral" recommendation. Analysts on average target New Gold shares at $1.21 (U.S.).