CIBC Raises its Price Target on Eldorado Gold Corporation (EGO) to $54 and Reiterates an Outperformer Rating

Core Viewpoint - Eldorado Gold Corporation (NYSE:EGO) is recognized as one of the best mining stocks to buy according to Wall Street, with a recent price target increase by CIBC reflecting positive market sentiment towards the company and the precious metals sector [1][2]. Group 1: Price Target and Market Outlook - CIBC raised its price target on Eldorado Gold Corporation to $54 from $46, maintaining an Outperformer rating, as part of a broader update on precious metals [2]. - CIBC has increased its gold price forecasts to $6,000 per ounce in 2026 and $6,500 in 2027, indicating strong demand drivers remain in place despite heightened geopolitical risks [2]. Group 2: Acquisition and Growth Strategy - Eldorado Gold announced an agreement to acquire Foran Mining in an all-share transaction valued at approximately C$3.8 billion, aimed at creating a larger gold-copper producer with enhanced growth visibility and a diversified portfolio [3]. - The acquisition will allow Foran shareholders to receive 0.1128 Eldorado shares plus C$0.01 in cash for each Foran share, which is expected to improve Eldorado's production profile and add longer-life copper exposure [3]. Group 3: Operational Overview - Eldorado Gold operates mining and development assets primarily in Turkey, Canada, and Greece, producing gold along with silver, lead, and zinc [4]. - The company's core portfolio includes significant assets such as the Kisladag and Efemçukuru mines in Turkey, the Lamaque Complex in Quebec, and multiple projects in Greece, including Olympias and Skouries [4].