Wednesday, September 8, 2010

Credit Suisse (NYSE:CS) Downgrades Eldorado (NYSE:CS)

Although Eldorado Gold (NYSE:EGO) has been moving up nicely for some time, it seems part of that movement, over the last couple of months, was the expectation they would end up with Andean Resources (TSE:AND).

Now that they presumably lost that battle to Goldcorp (NYSE:GG), some of the luster has come off the stock, and consequently they were downgraded by Credit Suisse (NYSE:CS) from "Outperform" to "Neutral."

After a slow start in yesterday's session, Eldorado did rebound nicely as the broader upward movement of gold prices helped pull many gold miners with it.

They closed Tuesday at $19.29, gaining $0.19, or 0.99 percent.

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