Eldorado Gold (ELD.TO) retained its stock rating and price target at RBC Capital Markets while its price target was lowered at National Bank of Canada, according to notes published Tuesday.

Eldorado maintained its Outperform rating and US$24 price target at RBC. While it kept its Outperform rating at National Bank of Canada, the target was eased to C$27 from $28 as the bank updated its estimates after Eldorado reported its Q4 2024 operating results.

In RBC's view, the news was "Neutral/Mixed". It noted Q4 2024 production of 156koz was strong, up 24% QoQ and 5% above consensus, meeting revised FY24 guidance. But it expects investors to focus on the delayed development at Skouries (30% of NAV), where management is set to provide an update on costs and timing in February. RBC had highlighted the potential for delays and higher capex vs. prior
guidance in its recent site visit note, while also noting that the risk of a material increase is low, as is the balance sheet risk with the project more than fully funded and procurement essentially complete.

"While the stock may react negatively to the headline, and investors may be cautious ahead of the updated guidance, we see the valuation as attractive vs. peers, more than discounting the risk at Skouries, and a good accumulation point at these levels, especially if there is material weakness ahead of guidance," RBC added.

National Bank expects "any cost creep" on Skouries to be easily funded from the balance sheet and "robust" cash flows coming from the producing portfolio. National Bank said its note includes model updates and a revision of its estimates to include the Q4 operating results and management commentary. "We continue to view Eldorado as having one of the best medium-term growth profiles in our coverage universe as the Skouries development project comes online," it added.

Eldorado was down more than 5% at last look on the TSX.