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Why Do Analysts Love Agnico Eagle Mines?

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Dec. 4 2020, Updated 10:53 a.m. ET

Analysts’ ratings for Agnico Eagle Mines

Of the 18 analysts covering Agnico Eagle Mines (AEM), 72.0% recommended a “buy,” while the remaining 28.0% recommended a “hold.” Among its mining peers (RING)(GDX), AEM has more “buy” recommendations than Yamana Gold (AUY), Barrick Gold (ABX), Newmont Mining (NEM), and Kinross Gold (KGC), which have “buy” ratings from 71.0%, 14.0%, 58.0%, and 42.0% of the analysts covering them, respectively.

The analyst sentiment for Agnico Eagle Mines (AEM) has improved recently. Until the end of February, only 50.0% of the analysts rated it as a “buy.”

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Rating changes

Year-to-date, Agnico Eagle Mines has seen three upgrades. On October 10, along with the other miners as discussed above, Barclays initiated coverage on Agnico with an “overweight” rating.

On August 9, National Bank Financial upgraded Agnico Eagle Mines (AEM) to “outperform” from “sector perform.” RBC Capital Markets upgraded AEM from “sector perform” to “outperform” on July 30 and raised its target price to $55.00 from $49.00. In May, BMO Capital Markets upgraded the stock to “outperform” from “market perform.”

TD Securities upgraded the stock from “hold” to “buy” on February 28. TD analyst Greg Barnes sees the company’s potential growth as its projects are developed. He added that as Meliadine and Amaruq projects are derisked, investors should return to this stock.

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