Stifel Canada on Monday maintained its hold rating on the shares of Eldorado Gold (ELD.TO, EGO) and its C$65.00 price target following the miner's fourth-quarter results.

"After pre-reporting Q4 production that came in strong and beat Street expectations, ELD is reporting Q4 EBITDA that is above Street estimates, which we see attributed to higher gold sales at a higher realized gold price. Adj EPS was also a beat to estimates. That said, we see Q4 results as less of a focus with investors looking ahead to 2026 expectations and the 3-year outlook. 2026 Guidance reflects a 1-quarter delay at Skouries, but it is notably lower than prior year's 3-year Outlook. 2026 expectations also indicate high cash costs and an overall higher capex budget compared to consensus estimates: Our 2026 Capex is notably above consensus as our view has been of higher capex expected at Skouries. Skouries' timing to initial production now showing an approximately 3-month delay is not a surprise to us. All-in, Capex budget at Skouries is up ~10% compared to last year's estimates," analyst Ingrid Rico wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 59.89, Change: +1.05, Percent Change: +1.78