Mackie upgraded shares of Eldorado Gold (NYSE: EGO) from a hold rating to a buy rating in a research report released on Wednesday morning. Mackie currently has $13.50 price target on the stock, down from their previous price target of $14.55.
“We had moved ELD to a HOLD rating post its merger with European Goldfields, and continue to believe that the company has strapped on too many development projects, although given the recent share price depreciation, we have upgraded to a BUY. We continue to wait on project permit approval for Eastern Dragon (China), as well as EIA approval for Perama Hill (Greece), and EIA approval for the Phase IV expansion of Kisladag (Turkey), which is now expected to be completed by Q1/14.,” the firm’s analyst wrote.
Eldorado Gold opened at 9.82 on Wednesday. Eldorado Gold has a 1-year low of $9.40 and a 1-year high of $16.20. The stock’s 50-day moving average is currently $11.. The company has a market cap of $7.028 billion and a price-to-earnings ratio of 22.32.
A number of other firms have also recently commented on EGO. Analysts at Dundee Securities cut their price target on shares of Eldorado Gold from $14.50 to $13.50 in a research note to investors on Tuesday. Separately, analysts at Scotiabank cut their price target on shares of Eldorado Gold from $20.00 to $18.00 in a research note to investors on Monday. Finally, analysts at Haywood Securities cut their price target on shares of Eldorado Gold from $19.75 to $19.25 in a research note to investors on Monday. They now have a sector outperform rating on the stock.
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