Eldorado Gold (ELD.TO) maintained its stock rating and price target at both RBC Capital Markets and National Bank of Canada, according to notes published overnight Wednesday.
Eldorado retained its Outperform rating and US$24 price target at RBC while keeping its Outperform rating and $30 price target at National Bank of Canada.
RBC said the addition of the Ormaque operation to the Lamaque complex is an "expected positive", with further upside expected from ongoing exploration and resource conversion.
"We think investors should focus on the cash generation and the coming growth with the start of production at Skouries," RBC said. "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 into 2026."
Meanwhile, National Bank said its Outperform rating was based on the company offering "one of the more attractive medium-term growth outlooks in the intermediate space" through the development of Skouries.
The price target was derived from a 100% weighted 6.00x NTM EV/EBITDA target multiple, which implies a P/NAV of 0.95x.
Eldorado's share price was down 2.5% to $23.80 on the TSX.
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