UPDATE: Raymond James Reiterates Outperform Rating, Lowers PT on Eldorado Gold

In a report published Monday, Raymond James Financial reiterated its Outperform rating on Eldorado Gold Corporation

, but lowered its price target from $20.00 to $18.50. Raymond James noted, “Although we expect 2012 guidance will be lowered modestly, we believe this is more than baked in and our estimates now account for downward revision. After making these adjustments, we continue to recommend investors buy shares of EGO and are maintaining our Outperform rating but have lowered our target price to $18.50 from $20.00 to better reflect its current risk profile and our adjustments. We would note however, given the current market sentiment, that an even more attractive entry point may present itself as we approach the 2Q release. EGO continues to offer investors an industry leading cost structure, solid growth profile, and strong management team at historically depressed levels.” Eldorado Gold Corporation closed on Friday at $10.34.