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Fly News Breaks for January 15, 2020
Jan 15, 2020 | 16:27 EDT
Credit Suisse analyst Fahad Tariq downgraded Eldorado Gold to Underperform from Neutral with a price target of $7.50, down from $9, as part of his broader 2020 Outlook for Precious Metals research note. The analyst says the stock was the best performer in his universe in 2019 thanks to rising gold prices, debt refinancing being pushed out to 2024, and the election of a mining-friendly Greek government, but he sees limited upside for the shares this year with gold prices likely remaining range-bound. Tariq adds that Eldorado Gold is challenged to fund growth projects in Greece and anticipates that its near term free cash flow is likely to be used to fund growth projects and build cash to repay debt.
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