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Eldorado Gold Corporation (NYSE:EGO) is one of the 13 Best Gold Mining Companies to Invest In Now. On December 10, RBC Capital increased its price target on Eldorado Gold Corporation (NYSE:EGO) from $38 to $47 and maintained its Buy rating on the stock.
Earlier, on December 1, BofA Securities also discussed companies that could benefit the most from rising gold prices. The firm expects gold prices to climb sharply over the next year and forecasts that gold could reach $5,000 per ounce in 2026. BofA Securities believes that the macroeconomic factors that lifted prices are still in place.
The firm also pointed out that if gold matches the “2000s bull cycle,” it could potentially rise as high as $7,000 per ounce. BofA’s investment strategist, Michael Hartnett, views gold as a “top trade for 2026,” with an expected return of about 10%.
Within this broader outlook, BofA Securities analyst Lawson Winder reviewed North American mining companies and identified Eldorado Gold Corporation (NYSE:EGO) as among the companies with the “highest gold price leverage” based on its net asset value.
The company received attention after its latest reserve update, in which Eldorado Gold Corporation (NYSE:EGO) increased its total proven and probable gold reserves by 5% compared to the previous year, reaching 12.5 million ounces. This more than offsets depletion. The growth was mainly driven by the Kisladag mine and the Lamaque Complex and by a higher reserve gold-price assumption.
Despite this, BofA reiterated its Underperform rating on Eldorado Gold Corporation (NYSE:EGO) due to ongoing risks “around the build-out and commissioning of the Skouries project.” However, the firm increased its price target from $28 to $29.
Eldorado Gold Corporation (NYSE:EGO) is a mining company that focuses on gold and base metals production. It has development and exploration operations in Turkey, Canada, and Greece.
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Disclosure: None. This article is originally published at Insider Monkey.