Essbee's answer is correct and basically covers most use cases. So this answer is just to extend his answer and add an additional concern: Accessibility.
Acording to W3C Opening new windows and tabs from a link only when necessary
In general, it is better not to open new windows and tabs since they can be disorienting for people, especially people who have difficulty perceiving visual content.
(please follow the link above to read about the ex eptions to this rule)
According to WebAIM Links to New Windows, Pop-ups, Other Frames, or External Web Sites
The accessibility issue is that some users can get confused with the new windows or tabs. Newer screen readers alert the user when a link opens a new window, though only after the user clicks on the link. Older screen readers do not alert the user at all. Sighted users can see the new window open, but users with cognitive disabilities may have difficulty interpreting what just happened. Then when the try to click on the Back button in the browser, nothing happens, because there is no previous link to go back to in a new window or tab.
(again, follow the link for more details)
Also, a more complete and newer article on general issues by NN/G
Opening Links in New Browser Windows and Tabs
- More windows or tabs increase the clutter of the user’s information space and require more effort to manage.
- New windows or tabs can cause disorientation, with users often not realizing that a new window or tab has opened. This problem is
exacerbated on mobile, where the old window is never visible.
- Less-technical users struggle to manage multiple windows and tabs, especially on mobile. (On tablets, where users can have both multiple
windows and tabs for the browser, it’s even more confusing.)
- New windows or tabs prevent the use of the Back button for returning to the previous page and force the user to spend effort to find their
way back to the previous content.
- New windows or tabs are not inclusive for blind or low-vision users — especially when they open outside of the area that's magnified.