Eldorado Gold (TSE:ELD) Stock Rating Upgraded by Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Eldorado Gold from “hold” to “buy,” while lowering its target price from C$63 to C$57. The new target implies approximately 27% upside from the prior close.
• Analyst sentiment is broadly positive: Eldorado has an average “Buy” rating and an average target price of C$60.50, with three Strong Buy, five Buy, and three Hold ratings.
• The shares closed at C$44.87, down C$1.24, and have traded between C$34.25 and C$69.46 over the past year. The company reported C$0.77 in quarterly earnings per share and C$692.57 million in revenue.

Eldorado Gold (TSE:ELD - Get Free Report) NYSE: EGO was upgraded by stock analysts at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a research report issued on Friday, BayStreet reports. The brokerage currently has a C$57.00 target price on the stock, down from their prior target price of C$63.00. Canaccord Genuity Group's target price would indicate a potential upside of 27.03% from the company's previous close.

Several other brokerages also recently commented on ELD. Stifel Nicolaus boosted their target price on Eldorado Gold from C$65.00 to C$70.00 and gave the stock a "buy" rating in a report on Thursday, September 17th. National Bank Financial boosted their price objective on Eldorado Gold from C$65.00 to C$69.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Canadian Imperial Bank of Commerce raised Eldorado Gold from a "hold" rating to a "strong-buy" rating in a report on Sunday, August 9th. ATB Cormark Capital Markets lifted their price target on Eldorado Gold from C$45.00 to C$64.00 and gave the company a "sector perform" rating in a report on Thursday, September 10th. Finally, Bank of America upgraded shares of Eldorado Gold from an "underperform" rating to a "buy" rating and raised their price objective for the company from C$32.00 to C$54.00 in a research report on Tuesday, September 22nd. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Eldorado Gold currently has an average rating of "Buy" and an average target price of C$60.50.

Eldorado Gold Price Performance

Shares of TSE:ELD traded down C$1.24 on Friday, hitting C$44.87. The stock had a trading volume of 458,837 shares, compared to its average volume of 780,649. Eldorado Gold has a twelve month low of C$34.25 and a twelve month high of C$69.46. The company has a debt-to-equity ratio of 25.70, a quick ratio of 2.27 and a current ratio of 1.31. The firm's 50 day moving average price is C$57.12 and its 200-day moving average price is C$49.45. The company has a market capitalization of C$11.70 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 56.20 and a beta of 1.68.

Eldorado Gold (TSE:ELD - Get Free Report) NYSE: EGO last posted its earnings results on Thursday, July 30th. The company reported C$0.77 earnings per share for the quarter. The business had revenue of C$692.57 million for the quarter. Eldorado Gold had a net margin of 29.89% and a return on equity of 12.38%. On average, equities research analysts predict that Eldorado Gold will post 2.15 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Seda Erdemir sold 1,239 shares of Eldorado Gold stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of C$60.37, for a total value of C$74,798.43. Insiders own 0.58% of the company's stock.

About Eldorado Gold

Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange TSX: ELD and the New York Stock Exchange NYSE: EGO.

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