NEW YORK (TheStreet) -- Shares of Eldorado Gold (EGO) were advancing in mid-afternoon trading on Wednesday as Bank of America/Merrill Lynch raised its rating on the stock by two levels to "buy" from "underperform."
The firm has a $5 price target on shares of the Vancouver-based mine operator, the Fly reports.
Eldorado's outlook for the Skouries and Olympias projects from 2017 to 2020 is "positive," BofA/Merrill Lynch said.
Production levels are increasing while operating costs decline, BofA/Merrill Lynch noted. The company is also working toward gold output of over 800,000 ounces per year by 2020, up 109% from 2017, the firm said.
Additionally, gold was advancing this afternoon as the dollar weakened.
For December delivery, gold was rising 0.2% to $1,326.30 per ounce on the COMEX.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D+.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: EGO