The Globe and Mail reports in its Tuesday edition that TD Cowen analyst Wayne Lam has boosted his recommendation for New Gold to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Lam hiked his share target to $12 from $7.50 (all figures U.S.). Analysts on average target the shares at $8.24. Mr. Lam says in a note: "Our base case scenario is that New Gold will be successfully acquired by CDE due to a premium multiple being paid and limited likelihood of superior competing bid. We estimate Coeur is paying 1.8 times NAV (1.50 times at spot), based on our NAV5-per-cent of $3.8-billion. This is an attractive value for New Gold's asset base, in our view, with New Afton being a high quality operation with a long mine life and exploration upside; but Rainy River having a limited mine life, with limited upside. Given the attractive P/NAV premium being paid (by a higher multiple silver producer), sizable break fees (4-6 per cent of equity value), and asset mix, we do not view an interloper being likely for NGD." The Globe reported on Sept. 10 that National Bank Financial analyst Mohamed Sidibe was keeping his "outperform" call on New Gold intact. The shares were then going for $6.49.