Shares of Eldorado Gold Corp (NYSE:EGO) have been in focus as gold continues to flirt with record highs.
Eldorado Gold’s stock is likely to continue outperforming peers, with Skouries construction gaining momentum and the mine’s startup being de-risked by higher gold and copper prices, according to RBC Capital Markets.
The Eldorado Gold Analyst: Michael Siperco upgraded the rating for Eldorado Gold from Sector Perform to Outperform, while raising the price target from $14 to $20.
The Eldorado Gold Thesis: Skouries could begin production in the third quarter of 2025, Siperco said in the upgrade note.
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“Our revised estimates see YoY gold equivalent (GEO) production growth of 12% in 2025 with initial gold/copper production from Skouries, and 35% in 2026 on a full year of Skouries production, and expected improvement at Olympias,” the analyst wrote.
“We model +60% total GEO production growth in 2026 vs. 2023, one of the best growth profiles in the sector,” he added.
Eldorado Gold is likely to generate higher free cash flows due to higher gold prices and the end of construction spending at Skouries, Siperco stated.
EGO Price Action: Shares of Eldorado Gold had risen by 2.65% to $16.29 at the time of publication on Wednesday.
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