UPDATE: Global Hunter Securities Initiates Coverage on Agnico-Eagle Mines

According to a research report published earlier today, Global Hunter Securities has initiated Agnico-Eagle Mines

with a Buy rating and $46 PT. In the report, Global Hunter Securities mentioned, “Agnico-Eagle (

) begins 2012 with the ability to hit the "reset" button and once again fulfill its potential to investors, in our opinion. We believe the current equity valuation reflects a disproportionate discount to our estimate of its future gold production growth; we believe AEM has the ability to reach an annual gold production level of more than 1.0 million ounces in 2014. We also think it can recapture investor interest with moderate success at its flagship project, LaRonde, while it works to lower key cost metrics across all other operations.” Agnico-Eagle Mines closed yesterday at $33.44.