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In a report published Monday, Sterne Agee Group reiterated its Neutral rating on Agnico Eagle Mines
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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