UPDATE: Raymond James Cuts Target to $45.50 on Agnico-Eagle Mines

Raymond James lowers its price target on Outperform-rated Agnico-Eagle Mines AEM on on lower valuation multiple that reflects current market conditions. Raymond James notes, "After incorporating 4Q11 results, revised guidance, and updated reserves and resources and some model fine tuning, our NAVPS estimate slipped from US$36.44 to US$31.40. AEM is currently trading at 1.15x NAV, in-line with the larger producer average of 1.2x. Given AEM's size and low political risk we believe a 1.4x multiple is justified (if we assume current spot metal prices AEM is trading at 0.77x NAV)." AEM closed at $36.59 a share on Thursday.