UPDATE: BMO Capital Markets Upgrades Agnico Eagle Mines Ltd. to Outperform, Raises PT Following Q3/13 Adjusted EPS Report

In a report published Thursday, BMO Capital Markets analyst David Haughton upgraded the rating on Agnico Eagle Mines Ltd. AEM from Market Perform to Outperform, and raised the price target from $32.00 to $35.00. In the report, BMO Capital Markets noted, “Agnico Eagle reported Q3/13 adjusted EPS of US$0.35, well above the US$0.08 BMO Research forecast and US$0.09 consensus. Gold sales of 309koz on production of 316koz at co-product cash costs of US$652/oz (or US$591 byproduct costs) was better than BMO forecast of 251koz at co-product costs of US$803/oz, mostly due to grades (4.15g/t vs. BMO 2.9g/t) at Meadowbank.” Agnico Eagle Mines Ltd. closed on Wednesday at $25.86.