BMO Capital Markets on Friday reiterated its outperform rating on the shares of Eldorado Gold (ELD.TO, EGO) and its C$28.00 price target after the miner released its annual mineral resource estimate.
"ELD has released its updated annual Mineral Reserve and Resource statement, which featured a slight Y/Y increase in Reserves but a slight decrease in Resources. The release also highlighted the inaugural mineral reserve at Ormaque with 619koz of gold. Overall, these updates had a modest positive impact on our valuation. We believe the stock remains undervalued, especially relative to its peers, due to the Skouries project which will be the key driver for success going forward. We maintain our Outperform rating and C$28.00 target price," analyst Brian Quast wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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