Eldorado Gold Receives Buy Rating from CIBC with $32 Price Target

CIBC maintains a Buy rating on Eldorado Gold with a $32.00 price target. Cosmos Chiu, the analyst covering the company, has a 14.3% average return and a 56.04% success rate on recommended stocks. The analyst consensus rating is Moderate Buy with a $25.03 average price target, implying a 20.86% upside from current levels.

Eldorado Gold Corp. (TSX: ELD; NYSE: EGO) reported mixed second-quarter (Q2) results, with revenue increasing by 52% year-over-year (YoY) to $451.7 million, but adjusted earnings per share (EPS) missed analyst estimates. The company's stock price gained 2.5% on the Toronto Stock Exchange, valuing the company at C$5.99 billion [2].

Revenue Growth and Cost Increases

Eldorado's Q2 revenue surged due to higher average realized gold prices and increased sales volumes, driven by accelerated inventory drawdowns at Kisladag and higher grade and throughput at Lamaque [1]. However, the company's adjusted EPS came in at $0.44, missing the consensus estimate of $0.48 [1]. The miss was primarily attributed to higher production costs, including increased royalty expenses and rising labor costs, particularly in Turkey [1].

Capital Expenditure and Share Repurchases

Eldorado spent $240.9 million on capital projects during the quarter, pushing free cash flow into negative territory at $202 million [1]. Despite the heavy investment, the company repurchased $44.6 million in shares, indicating confidence in future growth [1].

Production and Outlook

Eldorado maintains its 2025 gold production guidance at 460,000-500,000 ounces [1]. The company expects full-year cash costs and all-in sustaining costs (AISC) at the high end of its guidance, with the impact of Turkish royalty changes on costs [1]. Additionally, Eldorado entered gold collars for its Skouries Project Term Facility [1].

Skouries Project Progress

Eldorado's Skouries copper-gold project in Greece is 70% complete, with first production expected in the first quarter of 2026 and commercial output by mid-year [2]. The project is designed to produce an average of 140,000 oz. gold and 67 million lb. copper annually [2].

Analyst Ratings and Price Targets

CIBC maintains a Buy rating on Eldorado Gold with a $32.00 price target [3]. The analyst consensus rating is Moderate Buy with a $25.03 average price target, implying a 20.86% upside from current levels [3]. The current average analyst rating on the shares is "hold" with a breakdown of recommendations [1].

References

[1] Reuters. (2025). Eldorado Gold beats Q2 revenue estimates, adjusted EPS misses. Retrieved from [https://www.tradingview.com/news/reuters.com,2025:newsml_PLX7A3387:0-eldorado-gold-beats-q2-revenue-estimates-adjusted-eps-misses/](https://www.tradingview.com/news/reuters.com,2025:newsml_PLX7A3387:0-eldorado-gold-beats-q2-revenue-estimates-adjusted-eps-misses/)

[2] Northern Miner. (2025). Eldorado Gold keeps $1b Skouries on track in Greece. Retrieved from [https://www.northernminer.com/news/eldorado-gold-keeps-1b-skouries-on-track-in-greece/1003881151/](https://www.northernminer.com/news/eldorado-gold-keeps-1b-skouries-on-track-in-greece/1003881151/)

[3] Finimize. (2025). Eldorado Gold revenue jumps but costs eat into profits. Retrieved from [https://finimize.com/content/eldorado-gold-revenue-jumps-but-costs-eat-into-profits](https://finimize.com/content/eldorado-gold-revenue-jumps-but-costs-eat-into-profits)