UPDATE: Sterne Agee Reiterates On Agnico Eagle Mines Ltd. On Multiple Positive Factors
In a report published Thursday, Sterne Agee analyst Michael S. Dudas reiterated a Buy rating on Agnico Eagle Mines Ltd. (NYSE: AEM), and raised the price target from $42.00 to $48.00.
In the report, Sterne Agee noted, “Continued careful cost and capital management with upside potential generated by its newly acquired, co-owned Malartic mine should allow for earnings, cash flow and multiple improvement. As gold and silver prices grind higher - helped in part by global monetary/central bank support and favorable seasonal trends - Agnico Eagle's shares should continue their outperformance during this breakout to the upside. We would add to positions.”
Agnico Eagle Mines Ltd. closed on Wednesday at $40.39.
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