Eldorado Gold Ratings, Price Targets Confirmed at RBC Capital Markets, National Bank of Canada

MT Newswires
2024-11-01

Eldorado Gold (ELD.TO) kept its ratings and price targets at RBC Capital Markets and National Bank of Canada after the company released third-quarter results.

RBC on Friday confirmed Eldorado's Outperform rating and US$22 price target following the company's results that were "mixed" compared to expectations.

Eldorado reported an adjusted EPS of US$0.35, above RBC's forecast of US$0.34, while gold production of 125,000 ounces missed RBC's estimate of 135,000 ounces.

"The stock trades at a about 35% [net asset value] discount to mid-cap peers, and we believe construction milestones and delivering on guidance should lead to a re-rate into 2026," RBC said.

Meanwhile, National Bank kept Eldorado's Outperform rating and $33 price target as the company's adjusted EPS missed the bank's estimate of US$0.43 while production was below the bank forecast of 129,000 ounces.

"We are Outperform rated on Eldorado Gold as the company offers one of the more attractive medium-term growth outlooks in the Intermediate space through the development of Skouries," National Bank said.

Eldorado's share price was up 0.2% at last look to US$17.40 on NYSE pre-market trading and fell 3.1% to $24.22 on the TSX.












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