Eldorado Gold (ELD.TO) maintained its stock rating and price target at RBC Capital Markets and National Bank of Canada.

RBC on Thursday kept Eldorado's Outperform rating and US$24 price target, while noting the company's delays and higher costs at the Skouries project along with its lower fourth-quarter 2024 production results and higher capex in 2025.

RBC sees Eldorado's update as "substantially reflected" in its recent share underperformance, its
40% NAV discount compared to peers, and consensus forecasts that are generally at or below the low end of prior guidance through 2027.

RBC added: "The prize continues to be the +50% production growth implied by 2027 guidance vs. 2024 and potential for +20% FCF yield at spot prices and full production from Skouries; However, investors may need more time and evidence of execution on updated guidance before paying for it."

Meanwhile, National Bank on Wednesday retained Eldorado's Outperform rating and C$27 price target, adding that it expects the company's shares to underperform peers after the update.

National Bank's price target was based on a 100% weighted 5.25x NTM EV/EBITDA target multiple, which implies a P/NAV of 0.95x.

The bank said its rating reflects the company's more attractive medium-term growth outlooks in the intermediate space through the development of the Skouries project.

"We continue to see Eldorado as well financed to complete the Skouries project given its balance sheet and robust cash flows coming from the producing portfolio, as well as the noted sale of its G Mining (GMIN.TO) shares in January for US$155 million," the bank said.

Eldorado's share price dropped 10.5% at last look Thursday to $20.24 on the TSX.