Financial Wire

Eldorado Gold Price Target Lowered to US$40 at TD

-- TD Securities lowered its price target on Eldorado Gold Corp. (ELD.TO, EGO) to US$40 from US$45 on Tuesday.

Analyst Steven Green maintained a Hold rating on shares of the Canadian gold and base metals producer.

"We have updated our model to reflect EGO's acquisition of Foran Mining Corp. (FOM.TO), which is nearing close," Green said in a note to clients.

"While the transaction moves the centre of gravity toward Canada, improving the geopolitical risk profile, we view the deal as relatively expensive at ~1.5x NAV and near-term dilutive," the analyst said.

"We expect execution overlap with Skouries and limited near-term FCF to weigh on sentiment."

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