Sterne Agee Reiterates Neutral Rating on Agnico Eagle Mines
In a report published Monday, Sterne Agee Group reiterated its Neutral rating on Agnico Eagle Mines (NYSE: AEM).
Sterne Agee noted, “Management had previously underestimated the difficulties in expanding its operating profile. After de-risking its 2012-14 growth expectations at the end of 4Q11, management has now exceeded targets/estimates for the second quarter in a row. We believe investors would like to see consistent execution for at least a few more quarters before re-rating AEM's relative valuation multiple.”
Agnico Eagle Mines closed on Friday at $38.94.
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