CIBC Raises Price Target for Eldorado Gold Corporation to $32, Maintains 'Outperform' Rating

CIBC raised its price target on Eldorado Gold Corporation from $23 to $32, maintaining an 'Outperform' rating. National Bank also maintained its 'Outperform' rating but lowered its price target from $29.57 to $27.75. BofA maintained an 'Outperform' rating with a lower price target of $20.81. Zacks expressed optimism about the company's future, projecting an EPS of $1.73 for FY25 and giving a 'Buy' rating. Eldorado Gold Corporation produces gold, lead, and zinc in Turkey, Canada, and Greece.

Eldorado Gold Corporation (EGO) has recently received a boost from multiple financial analysts, with CIBC, National Bank, and BofA all maintaining an 'Outperform' rating while adjusting their price targets. CIBC raised its target from $23 to $32, National Bank lowered its target from $29.57 to $27.75, and BofA reduced its target to $20.81 [1].

These moves come on the heels of Zacks Investment Research upgrading Eldorado Gold to a Zacks Rank #2 (Buy), indicating a positive outlook on the company's earnings potential. Zacks projects an earnings per share (EPS) of $1.73 for the fiscal year ending December 2025 [2]. The upgrade reflects a 16.8% increase in the Zacks Consensus Estimate over the past three months, signaling analysts' optimism about Eldorado Gold's future performance.

Eldorado Gold operates in the gold, lead, and zinc mining sectors, with operations in Turkey, Canada, and Greece. The company's strong earnings estimate revisions suggest that analysts believe the company's underlying business is improving, potentially driving its stock price higher in the near term.

The Zacks Rank stock-rating system, which considers earnings estimate revisions among other factors, has a proven track record of identifying strong-performing stocks. Since 1988, Zacks Rank #1 stocks have generated an average annual return of +25% [2]. By placing Eldorado Gold in the top 20% of its covered stocks, the Zacks upgrade indicates that the company has a solid chance of producing market-beating returns.

In summary, the recent analyst upgrades and the Zacks Rank #2 rating suggest that Eldorado Gold is poised for near-term growth. Investors should closely monitor the company's performance and earnings reports to capitalize on this positive momentum.

References:
[1] https://www.nasdaq.com/articles/eldorado-gold-ego-upgraded-buy-heres-what-you-should-know
[2] https://www.zacks.com