CA - Endeavor Mining: Could Outperform With Bullish Gold But Better After A Dip

2024-05-27 06:51:50 ET

Summary

• Hold rating reaffirmed for Endeavor Mining plc. However, shares that have a strong positive correlation with bullish gold sentiment are expected to continue to pullback before the next rally.
• EDVMF shares traded 8% lower, hitting a 52-week low of $15.60/share on February 23, 2024, due to comments from the Federal Reserve Bank of Atlanta President.
• Then there was another rally due to rising gold prices and further development of organic growth projects targeting larger ounces production at slightly higher costs.
• The completion of two growth projects and positive outlook for gold prices are expected to drive the performance of EDVMF shares in the future.
• Past performance is no guarantee of future returns, but continue to indicate greater chances of beating the market in LT with strategy targeting cycles in gold.

A hold rating for shares of Endeavor Mining plc

This analysis reaffirms a "Hold" rating on shares of Endeavor Mining plc (EDVMF), a London, UK-based gold explorer and producer with mines in Burkina Faso, Ivory Coast, and Senegal.

The previous analysis suggested a "Hold" rating on Endeavor Mining plc (hereafter "EDVMF") shares as, after a period of no significant changes, the shares were expected to offer a lower share price....

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