Eldorado Gold upgraded, Royal Gold downgraded at Scotiabank in miner shake-up

Scotiabank upgraded Eldorado Gold (EGO) to Outperform from Sector Perform with a price target of $59 and downgraded Royal Gold (RGLD) to Sector Perform from Outperform with a $335 price target in conjunction with note in which the analyst changed the firm’s commodity price forecasts. The firm increased its gold price forecast to $4,600/oz, $4,600/oz, $4,400/oz and $4,200 for 2026, 2027, 2028 and 2029, respectively, which represents a 33% overall increase in its gold pricing assumptions. In addition, the firm increased its silver price forecast to $65/oz, $50/oz, and $45/oz for 2026, 2027, and 2028, which it notes represents a 36% overall increase in its silver pricing assumption.