UPDATE: Morgan Stanley Reiterates On Agnico Eagle Mines As Momentum Is Expected To Continue
In a report published Friday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on Agnico Eagle Mines (NYSE: AEM), and raised the price target from $32.60 to $36.00.
In the report, Morgan Stanley noted, “Consistently exceeding expectations with solid operations in stable jurisdictions support premium valuation: Although YTD AEM has been one of the better performing gold producers (up 27% vs the HUI up 20%), we believe further upside is possible supported by its strong asset base as it enters the harvest phase.”
Agnico Eagle Mines closed on Friday at $33.47.
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