Globe says Eldorado Gold, others cut to "underweight"
2019-05-31 08:43 ET - In the News
See In the News (C-ELD) Eldorado Gold Corp (2)
The Globe and Mail reports in its Friday, May 31, edition that JPMorgan analyst John Bridges, taking a near-term cautious stance on the gold sector, lowered his rating for Eldorado Gold ($4.92), New Gold (86 cents) and Kinross Gold ($4.29) to "underweight" from "neutral." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bridge did not specify a target for the stocks. The averages are $6.92, $1.26 and $5.35, respectively. He says, "[An] increasingly inverted U.S. yield curve suggests the dollar could just be firming into typical recessionary strength and seasonally this is the time when gold can begin its summer time-out." The Globe's guest columnists Benj Gallander and Ben Stadelmann said on Dec. 4, 2018, that Kinross was a hard stock to recommend. In the item they said there were better gold plays, such as Alacer Gold, was then trading at $2.13. Kinross was then worth $3.76. The Globe reported on April 17, 2019, that Credit Suisse analyst Fahad Tariq rated Eldorado and New Gold "neutral" in new coverage. Eldorado and New Gold shares could then be had for $5.77 and $1.18.
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