UPDATE: Macquarie Upgrades Yamana Gold

Maquarie analyst Michael Siperco upgraded Yamana Gold (NYSE: AUY) from Neutral to Outperform.

Siperco noted that 2014 forecasts are "achievable" from existing operations. Additionally, Siperco believes the joint deal with Agnico Eagle Mines to acquire the majority of Osisko Mining assets provides potential upside for Yamana, if Osisko is able to extend the life of its Malartic mine.