Stifel Canada on Friday maintained its hold rating on the shares of Eldorado Gold (ELD.TO, EGO) with a C$48.00 price target following the company's third-quarter results.
"Negative from weaker Q3 and revised cash cost guidance; but Skouries update maintains capex +schedule unchanged. It is difficult to argue that ELD shares have been unjustifiably underperforming, when Q3 comes below Street expectations, 2025 AISC guidance is revised 15% higher (above what consensus and our estimates already reflected), and Q4 production likely to be similar to Q3 but at higher costs. Over the last two months, ELD has underperformed the GDXJ by ~16%, which suggests that the negative on this print is mostly "priced-in"; however, we expect estimates to come down (~5-7% lower 2025 EPS/CFPS), with implications for Street cash costs/AISC forecasts in 2026. Progress at Skouries is maintaining pace, but in our view pressure is building to ramp-up on project completion and increase conviction on initial production by end-of-1Q 2026. We see higher-than-expected workforce as a step to protect schedule, but highlights to us capex risk," analyst Ingrid Rico 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)
Price: 35.19, Change: -0.53, Percent Change: -1.48
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