UPDATE: HSBC Upgrades Agnico Eagle Mines on Q3 2013 Adjusted EPS Forecast - Agnico Eagle Mines (NYSE:AEM)

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In a report published Monday, HSBC Global Research analyst Patrick Chidley upgraded the rating on

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Agnico Eagle Mines Ltd.

(NYSE: AEM) from Underweight to Neutral, and reiterated the $28.20 price target.In the report, HSBC Global Research noted, “We forecast Q3 2013 adjusted EPS of USD0.11, a significant improvement over Q2 2013 loss of USD0.03 per share, driven by higher production, revenues and lower operating costs marginally offset by sequentially lower average gold price. We estimate Q3 2013 production to come in at 264koz, up 18% q-o-q, at cash costs of USD729/oz, down 7% q-o-q, mainly due to higher estimated production at all mines and the return to a normal run rate at Kittila after Q2 maintenance shutdown. La Ronde gold head grades are expected to improve as the processed ore is predominantly mined from a deeper mine with a greater copper-gold content and lower silver and zinc grades.”Agnico Eagle Mines Ltd. closed on Friday at $24.97.