RBC Downgrades Endeavour Mining as Gold Miner's Run Leaves Little Room Left

RBC Capital Markets has downgraded Endeavour Mining to 'sector perform' from 'outperform', citing that the company's strong run in the past year has left most near-term catalysts already reflected in its share price.

The Canadian bank cut its target price on the FTSE 100 miner to 4,600p, from 5,100p, which is slightly above the current closing price of 3,888p.

RBC's analyst Marina Calero noted that Endeavour has outperformed the GDX index by 20% over the past year and has continued to do so in 2026 as investors favour low-cost dividend payers following the correction in gold prices.

Despite maintaining a positive outlook on Endeavour's growth pipeline, which is expected to deliver 25% production growth to 1.5 million ounces by 2030 underpinned by the Assafou project and the Sabodala-Massawa underground development, Calero believes that expansion is now fully priced.

The bank also expects shareholder returns to moderate while Assafou is being built, with payouts of 35% of free cash flow in 2027 and 2028, down from 50% previously, driving a roughly 16% cut to its dividend forecasts across the next three financial years.