UPDATE: Canaccord Genuity Downgrades Anigco Eagle Mines

On Friday, Canaccord Genuity issued a note downgrading Agnico Eagle Mines (NYSE: AEM) from Buy to Hold and raised the price target from $33.50 to $38.50.

Canaccord's Tony Lesiak attributes the downgrade of Agnico amid better-than-expected results to the stock price nearing its fair value. He had this to say on the topic, "Agnico Eagle Mines has been one of the best performing senior miners and is up 31 percent year to date. Agnico Eagle Mines is currently trading at a 17 percent premium to its larger gold producer peers on net asset value and a 25 percent premium on 2015 estimated cash flows, and we believe is approaching fair value. We are revising our rating from Buy to HOLD, but acknowledge that Agnico Eagle Mines should remain a core holding for gold exposure.

At last check, Agnico is trading up about one percent at $33.73.