Berenberg Updates Model for Endeavour Mining Post-Q3 Earnings; Price Target Down

MT Newswires · 1d ago
11:32 AM EST, 11/13/2026 (MT Newswires) -- Berenberg updated its model for Endeavour Mining (EDV.L) following the London-listed gold producer's third-quarter earnings report. "All mines produced above our expectations, with another strong quarter delivered at Lafigué (Côte d'Ivoire; producing 51koz versus our 44koz estimate); however, Mana (Burkina Faso) was the exception, with near-term operational headwinds ongoing, which are encouragingly being addressed to resume processing activities by Q2 2027," analysts wrote in a Friday note. "So, while we revise our near-term volumes lower, we believe the rest of the operational portfolio is delivering, with the additional growth kicker through the high-quality Assafou project in Côte d'Ivoire - with the final investment decision now board-approved." Analysts also noted that five producing mines in West Africa are generating "strong" free cash flow and balance sheet, and providing upside on shareholder returns. Against this backdrop, the research firm revised its production forecasts and capital expenditure assumptions for several of the company's key mines, alongside sales and EPS forecast changes for 2026 through 2028. The buy rating on the stock was retained, while the price target was reduced to 46 pounds sterling from 48 pounds.