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

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Mackie Research upgraded Eldorado Gold Corporation (NYSE: EGO) 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.

Latest Ratings for EGO

DateFirmActionFromTo
Aug 2016Goldman SachsUpgradesNeutralBuy
Jul 2016Credit SuisseDowngradesOutperformNeutral
Jun 2016Raymond JamesUpgradesMarket PerformOutperform

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Posted-In: Mackie ResearchAnalyst Color Upgrades Analyst Ratings

 

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