UPDATE: Global Hunter Securities Downgrades Agnico-Eagle Mines to Neutral, Reiterates $46 PT

In a report published Wednesday, Global Hunter Securities downgraded its rating on Agnico-Eagle Mines Limited AEM from Buy to Neutral, and reiterated its $46.00 price target. Global Hunter noted, “We are lowering our rating on Agnico-Eagle Mines (AEM) to Neutral from Buy, mainly due to price appreciation as it surpassed our $46 price target, which we are maintaining. We remain confident in AEM's ability to continue to outpace its peer group. However, at this stage we do not see significant upside potential to the current share price...Although we are lowering our rating to Neutral, we still believe AEM can outperform its peer group operationally. We believe the company has set reachable goals and managed to avoid the risks that have impacted many other major gold producers recently. We believe AEM can continue to meet and exceed its goals and we will continue to watch closely for improvements in operations as well as changes to overall reserves; an improvement in either could lead us to reevaluate our rating.” Agnico-Eagle Mines Limited closed on Tuesday at $46.62.