Friday, July 23, 2010

Eldorado (NYSE:EGO) Rating Cut by CIBC World Markets

Eldorado Gold Corp. (NYSE:EGO) had their rating cut by CIBC World Markets, while Barrick Gold (NYSE:ABX) was upgraded to "Sector Outperformer."

The rating of Eldorado was slashed from "Sector Outperformer" to "sector performer," as maintance costs and other factors keep the company from a strong performanc.

The maintanence elements refers to the Kisladag mine, where they'll doing work going forward, while the producton factor is the lower grade ore found by the company.

Eldorado closed Thursday at $16.03, up $0.34, or 2.17 percent, in New York.

Volume was 2,787,579, about half the 3-month average.

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