Emerald Resources' (ASX:EMR) March quarter production at its Okvau gold project in Cambodia is considered "disappointing" but is expected to be a one-off event, with output and costs expected to return to normal levels in the coming quarters, according to a research note from Euroz Hartleys.

Last week, the mining firm said gold production at the mine totaled 19,062 ounces in the March quarter, missing its guidance of 25,000 to 30,000 ounces, due to a scheduled pit cutback and lower-than-expected grades.

The financial services firm expects all-in-sustaining costs (AISC) for the March quarter to remain within 10% of guidance and forecasts a recovery in production aided by higher grades and fully unhedged exposure to gold prices.

Euroz maintained Emerald Resources' buy rating and raised its price target to AU$5.40 from AU$5.30.