Eldorado Gold upgraded to Buy from Hold at Canaccord Canaccord upgraded Eldorado Gold to Buy citing the recent pullback in shares. The firm lowered its price target for the stock to C$8.50 from C$9.00.
Eldorado Gold raises FY15 gold production 690,000 ounces Sees FY15 gold production 690,000 ounces with average cash costs for commercial production of $590 per ounce and all-in sustaining cash costs of $925 per ounce. Previous guidance was production of 640,000-700,000 ounces at average cash costs of $570-$615 per ounce and all-in sustaining cash costs of $960-$995 per ounce. Capital spending is forecast to be $110.0M in sustaining capital and $300.0M in new project development capital compared with previous guidance of $165.0M and $345.0M respectively. The forecast for new project development capital is lower than original guidance mainly due to presently projected lower capital spending at Skouries.