Why Analysts Seem to Favor Agnico Eagle Mines
Analyst ratings for Agnico
Agnico Eagle Mines (AEM) seems to be the analysts’ favorite among the gold miners we are discussing in this series. AEM has “buy” recommendations from 63% of the analysts covering it. Another 25% rate it a “hold,” and 13% rate it a “sell.”
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Among mining peers (RING) (GDX) Kinross Gold (KGC), Barrick Gold (ABX), Newmont Mining (NEM), and Goldcorp (GG), AEM has the highest percentage of “buy” ratings. Agnico’s target price of $56.20 implies an upside of 9.2%.
On July 23, 2017, National Bank Financial upgraded Agnico Eagle from “sector perform” to “outperform.”
Credit Suisse (CS) has an “outperform” rating on Agnico Eagle stock. According to Credit Suisse, “Agnico-Eagle Mines is a top pick for its strong exploration and project pipeline, strongest growth profile amongst the senior gold producers over the next five years, operational consistency and strong balance sheet.”
Target price boosts
On August 3, 2017, TD Securities increased Agnico Eagle’s target price to $65 Canadian. The firm has a “hold” rating on the stock.
Canaccord Genuity reiterated its “buy” rating on Agnico Eagle on July 27, 2017, while increasing its target price from $72 Canadian to $73 Canadian.