Canaccord downgrades Eldorado Gold on Skouries project delay

Canaccord downgraded Eldorado Gold (EGO) to Hold from Buy with an unchanged price target of C$66. The company’s Q4 results were inline but its cash costs were higher than expected and 2026 production forecast missed estimates, the analyst tells investors in a research note. The firm says Eldorado’s Skouries project has been delayed to early Q3 from late Q1, which is expected to add an additional around $50M to capital estimates.