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Fresnillo PLC (LSE:FRES) and Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) shares moved lower on Tuesday as London-listed gold producers responded to bullion's retreat during the UK bank holiday weekend. Fresnillo fell 3% to 3,075p shortly after the opening bell, making it one of the FTSE 100's biggest fallers.

Precious metals strengthened on Friday, lifting London-listed miners Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES) towards the top of the FTSE 100 gainers. Endeavour Mining advanced 2.26% to 4,846p, while gold and silver producer Fresnillo gained 1.83% to 3,228p.

Jefferies has reviewed valuations across five European, Middle East and Africa precious metals miners following strong sector share-price performance. The American bank identified the most upside in Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2), which it rates 'buy', trading at 4.4 times next twelve months' consolidated enterprise value to EBITDA at spot prices.

RBC Capital Markets has downgraded Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) to 'sector perform' from 'outperform ', arguing that the West African gold producer's strong run has left most near-term catalysts already reflected in the share price. The Canadian bank cut its target price on the FTSE 100 miner to 4,600p, from 5,100p, against a closing price of 3,888p.

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