Eldorado are rare gold mining loser today after Canaccord downgrade

|About: Eldorado Gold Corporation (EGO)|By:, SA News Editor

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%.