UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Agnico Eagle Mines Ltd. as Momentum is Expected to Continue

In a report published Friday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on

, 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 Ltd. closed on Friday at $33.47.