Global Hunter Securities Downgrades Agnico-Eagle Mines Ltd. (AEM) to Neutral; Valuation Call
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Price: $28.82 -1.71%
Rating Summary:
4 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
4 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade AEM Now!
Global Hunter Securities downgraded Agnico-Eagle Mines Ltd. (NYSE: AEM) from Buy to Neutral with a price target of $46.00.
Analyst, Jeff Wright, said, "We are lowering our rating on Agnico-Eagle Mines (AEM) to Neutral, mainly due to price appreciation as it surpassed our $46 price target, which we are maintaining. We remain confident in AEM's ability to continue to outpace its peer group. However, at this stage we do not see significant upside potential to the current share price."
"Although we are lowering our rating, we still believe AEM can outperform its peer group operationally. We believe the company has set reachable goals and managed to avoid the risks that have impacted many other major gold producers recently. We believe AEM can continue to meet and exceed its goals and we will continue to watch closely for improvements in operations as well as changes to overall reserves; an improvement in either could lead us to reevaluate our rating."
For an analyst ratings summary and ratings history on Agnico-Eagle Mines Ltd. click here. For more ratings news on Agnico-Eagle Mines Ltd. click here.
Shares of Agnico-Eagle Mines Ltd. closed at $46.62 yesterday, with a 52 week range of $31.42-$73.09.
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Analyst, Jeff Wright, said, "We are lowering our rating on Agnico-Eagle Mines (AEM) to Neutral, mainly due to price appreciation as it surpassed our $46 price target, which we are maintaining. We remain confident in AEM's ability to continue to outpace its peer group. However, at this stage we do not see significant upside potential to the current share price."
"Although we are lowering our rating, we still believe AEM can outperform its peer group operationally. We believe the company has set reachable goals and managed to avoid the risks that have impacted many other major gold producers recently. We believe AEM can continue to meet and exceed its goals and we will continue to watch closely for improvements in operations as well as changes to overall reserves; an improvement in either could lead us to reevaluate our rating."
For an analyst ratings summary and ratings history on Agnico-Eagle Mines Ltd. click here. For more ratings news on Agnico-Eagle Mines Ltd. click here.
Shares of Agnico-Eagle Mines Ltd. closed at $46.62 yesterday, with a 52 week range of $31.42-$73.09.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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