UPDATE: Morgan Stanley Upgrades Agnico Eagle Mines Ltd. to Overweight, Raises PT on Premium Multiple

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey upgraded the rating on Agnico Eagle Mines Ltd. AEM from Equal-Weight to Overweight, and raised the price target from $28.00 to $36.00. In the report, Morgan Stanley noted, “Agnico Eagle has several key attributes; i) high quality long life assets in relatively stable regions, ii) a flexible project pipeline and iii) expected to be FCF positive on our price deck in 2014. Given AEM's recent history executing on cost cutting and better than expected operating performance we believe investors will continue to support higher than average multiples.” Agnico Eagle Mines Ltd. closed on Monday at $26.56.