Bank of America Upgrades Eldorado Gold Following Progress at Skouries Project
Eldorado Gold (TSX:ELD) has been upgraded to 'Buy' by Bank of America following progress on its Skouries copper-gold project in Greece. The bank raised its price target for the stock from $31.57 to $54, a 71% increase, citing de-risking and potential cash flow growth starting in 2027. Skouries is now seen as Eldorado's primary growth driver, representing 32% of its net asset value. The project achieved first concentrate production earlier this month with commercial output expected by Q4 2026. Bank of America forecasts free cash flow to reach $1.5 billion in 2027 compared to an outflow of $436 million in the current year. The upgrade also reflects improved sentiment toward mining in Greece and a projected rise in copper prices. Eldorado's shares rose by 5.7% on Tuesday following the announcement.
Topics: Copper Production Gold Production Mining Stock Upgrades