Market Overview

UPDATE: Canaccord Genuity Downgrades Anigco Eagle Mines

Share:

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.

Latest Ratings for AEM

DateFirmActionFromTo
Aug 2019MaintainsOverweight
Apr 2019UpgradesHoldBuy
Apr 2019DowngradesBuyHold

View More Analyst Ratings for AEM
View the Latest Analyst Ratings

Posted-In: Canaccord Tony LesiakAnalyst Color Downgrades Price Target Analyst Ratings

 

Related Articles (AEM)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
XELMaintains60.0
SOMaintains54.0
SREMaintains141.0
EXCMaintains56.0
ESMaintains77.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Google Obsessed With Speed, Says 10 Gigabit Internet On The Way

UPDATE: Noting Limited Upside In Current Price, D.A. Davidson & Co. Downgrades Avago Technologies