UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT 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. 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.