Eldorado Gold (ELD.TO) has kept its Outperform ratings and respective price targets at both RBC Capital Markets and National Bank of Canada.

RBC said Monday that it retained Eldorado's Outperform rating and US$24 price target, saying that
the company's updated technical report from the Lamaque project (near 40% of NAV) "broadly aligned" with its model/consensus production estimates through 2028 in the reserve case and through 2036 in the preliminary economic case, with possible upside vs its estimates via potential mine life extension through 2041 (assuming further exploration and resource conversion).

According to RBC, the potential for 16 years of production from Quebec highlights the "solid base" of production (including Kisladag, Efemcukuru and Olympias) aside from the growth expected in late 2025 and early 2026 from Skouries, and the strong outlook through 2028 (including Lamaque) that should
mitigate the risk of a delayed start up/higher capex at Skouries. RBC thinks investors will be focused on Skouries until updated guidance (expected with/before 4Q24 results on 19 Feb), which the bank continues to see as a major growth catalyst in 2026 and beyond.

"The stock trades at a +30% NAV discount to mid-cap peers, and we believe construction milestones and delivering on guidance should lead to a re-rate with more visibility into production growth vs. 2024 levels," RBC said.

Meanwhile, National Bank on Tuesday kept the miner's Outperform rating and C$27 price target.

The bank said the rating reflect's Eldorado's "more attractive" medium-term growth outlook in the intermediate space through the development of the Skouries gold-copper project. The price target was derived from a 100% weighted 5.25x NTM EV/EBITDA target multiple, which implies a P/NAV of 0.95x.