CIBC Lifts Eldorado Gold Target to $54; Greenlights C$3.8B Foran Mining Acquisition
On February 4, CIBC raised Eldorado Gold’s price target to $54 from $46 and maintained an Outperformer rating after boosting its 2026 gold forecast to $6,000/oz and 2027 forecast to $6,500/oz while increasing copper assumptions. On February 2, Eldorado agreed to acquire Foran Mining in a C$3.8 billion all-share deal to add longer-life copper exposure.
1. CIBC Raises Price Target and Forecasts
On February 4, CIBC raised Eldorado Gold’s 12-month price target to $54 from $46 and reiterated an Outperformer rating after lifting its gold price assumption to $6,000/oz for 2026 and $6,500/oz for 2027, accompanied by higher copper price forecasts.
2. Deal to Acquire Foran Mining
On February 2, Eldorado agreed to acquire Foran Mining in an all-share transaction valuing Foran at C$3.8 billion, offering 0.1128 Eldorado shares plus C$0.01 cash per Foran share to bolster its gold-copper production profile.
3. Strategic Implications and Operations
Eldorado operates key assets in Turkey, Canada and Greece, including Kisladag, Efemçukuru and the Lamaque complex; the Foran acquisition is designed to diversify its portfolio, extend asset life and enhance copper exposure for long-term growth.