UPDATE: Mackie Research Upgrades Eldorado Gold Corporation to Buy on Pullback

Mackie Research upgraded Eldorado Gold Corporation

from Hold to Buy. Mackie Research noted, "We had moved ELD to a HOLD rating post its merger with European Goldfields, and continue to believe that the company has strapped on too many development projects, although given the recent share price depreciation, we have upgraded to a BUY. We continue to wait on project permit approval for Eastern Dragon (China), as well as EIA approval for Perama Hill (Greece), and EIA approval for the Phase IV expansion of Kisladag (Turkey), which is now expected to be completed by Q1/14." Eldorado Gold Corporation closed at $10.60 on Tuesday.