November 13, 2017 / 3:30 PM / a year ago

BUZZ-Eldorado Gold: J.P. Morgan cuts to "neutral"

** J.P. Morgan downgrades Canadian gold miner to “neutral” from “overweight”

** “When it was just delays in Greece, the stock could have bounced back quickly if we are right in our view of the arbitration process, but the problems at Kisladag seem bigger” - analysts at J.P. Morgan

** Kisladag mine will require a new mill facility in order to improve recoveries - analysts

** Earlier this year, the company shelved expansion plans for its flagship Kisladag mine in Turkey on lower gold prices

** Co also struggling with its Skouries gold mine in Greece. Earlier this month, the company said it would freeze investments in the mine, mainly due to differences with the Greek govt

** Canadian gold miner’s U.S.-listed shares down 0.83 pct at $1.2; set for second consecutive day of losses

** 3 of 13 brokerages rate the stock “buy”, 7 “hold” and 3 “sell”; their median PT is $1.60

** Stock down about 64 pct this year, including session’s losses

Reporting by Anirban Paul

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