UPDATE: Macquarie Upgrades Yamana Gold

Today Maquarie analyst Michael Siperco upgraded Yamana Gold Inc.

from Neutral to Outperform. Siperco noted that 2014 forecast are "achievable" from existing operations. Additionally, Siperco believes the joint deal with Agnico Eagle Mines

to acquire the majority of Osisko Mining Corporations assets provides potential upside for Yamana if Osisko is able to extend the life of its Malartic mine.