TD Newcrest Downgrades Eldorado Gold Corp (EGO) to Buy; Valuation Call

TD Newcrest downgraded Eldorado Gold Corp (NYSE: EGO) from Action List Buy to Buy, cuts price target by $1 to C$23.

TD analyst said, "The outlook for Eldorado remains strong, in our opinion, with two high-grade, low-cost operations coming on line over the next year (Efemcukuru and Eastern Dragon); however, we are downgrading to a BUY recommendation, reflecting the recent share price appreciation and recent outperformance vs. its peers. Eldorado is up 27% since we added the stock to the Action List in March, and has largely closed the valuation gap with its mid/large-cap peers."

For more ratings news on Eldorado Gold Corp click here and for the rating history of Eldorado Gold Corp click here.

Shares of Eldorado Gold Corp closed at $19.39 yesterday.

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