Eldorado are rare gold mining loser today after Canaccord downgrade

Eldorado Gold (EGO -0.6%) is downgraded to Hold from Buy with a $9 price target at Canaccord, which notes that shares have outperformed gold miner competitors by 14%.

The firm says EGO is experiencing a closing gap in valuation due to its expansion plan with its Kisladag, Olympias and Skouries assets, leading it to take a more conservative approach on the shares.

EGO is one of the few major gold miners not sporting a gain in early trade, as overseas events have boosted the sector: NEM +1%, GG +1.2%, ABX +1.3%, KGC +1%, AEM +1.5%, AUY +2.4%, NGD +3.2%, FNV +1.9%, AGI +0.9%, AU +0.5%, BTG +0.3%, GFI -0.5%, IAG -1.3%.

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Comments (4)
  • Bunge42
    , contributor
    Comments (50) | Send Message
    Waiting patiently for IAG.


    When gold goes (and it will eventually) IAMGOLD is my pick. :)


    ABX can double to $40 but IAG could quadruple back to $16.


    JMHO, of course.
    10 Jul 2014, 11:54 AM Reply Like
  • rlarge1949
    , contributor
    Comments (46) | Send Message
    Canaccord reasoning is ludicrous. Downgrade because the stock is appreciating more than their counterparts??? Because their all-in costs are significantly lower than almost all others??? Because they received Government approval to expand mining in Turkey at one of the world's richer ore mines??? Because they sit on a huge pile of cash??? Boy, I am sure ALL their competitors would wish for those reasons!!!
    10 Jul 2014, 12:09 PM Reply Like
  • UncleSam187
    , contributor
    Comments (237) | Send Message
    Wish I had bought more EGO at 5.75
    I was too scared... now i'm still sitting at cost basis 7
    10 Jul 2014, 12:48 PM Reply Like
  • bberuch
    , contributor
    Comments (314) | Send Message
    Nice to hear that ABX ----COULD----double. Pleasant ------SPECULATION------ for a long standing suffering shareholder.
    I realize that NEM is in talks with ABX, and that this could pull me out of a deep ditch if the SPECULATION comes to fruition.
    I am not just yet about to add to my position because this article is so optimistic.
    But I will watch and offer my perspectives. Sure hope the author is correct.
    11 Jul 2014, 08:37 AM Reply Like
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