A CIBC World Markets analyst has upgraded IamGold Corp after banking on a gold price rally of as much as $250 per ounce in coming years.
According to the Associated Press, Barry Cooper of CIBC, a group which has conducted market reports into the miner, raised the Canadian company's rating from Sector Underperformer to Sector Performer on the back of resilient gold prices.
Cooper has raised his gold price target to as much as $800 per ounce in 2008, following on from similar price hike forecasts from prominent financial institutions.
2009 forecasts are even rosier for the yellow metal, with Cooper revising up from $775 an ounce to as much as $850 per ounce, more than $100 above the current level.
Rises in gold forecasts across the boards have reflected a trend of safe-haven gold backing after Fed rate cuts triggered inflationary concerns and made the ever-ebullient precious metal a more appealing investment than before.
Other factors have been rising festival season demand for gold jewelry in India, with continually high oil prices, consistently above $80 per barrel, leaving many looking to buy gold as an anti-inflationary hedge.