UPDATE: Citi Upgrades Agnico-Eagle Mines Ltd. (AEM) to Buy

September 30, 2022 7:19 AM EDT
Get Alerts AEM Hot Sheet
Price: $49.58 +2.40%

Rating Summary:
    11 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 13 | New: 17
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(Updated - September 30, 2022 7:19 AM EDT)

Citi analyst Alexander Hacking upgraded Agnico-Eagle Mines Ltd. (NYSE: AEM) from Neutral to Buy with a price target of $50.00 (from $72.00).

The analyst comments "We update gold models ahead of 3Q results and to reflect updated price forecasts from Citi’s global commodity team. Gold stocks have been hit hard by the sell-off and we see an opportunity for investors to accumulate. Citi is mid-term bullish gold seeing prices rebounding to ~$1900/oz in 2H23. We upgrade Agnico Eagle to buy from Neutral with a lowered $50/sh target price. AEM is arguably the highest quality name in the group (assets & management) and is trading close to 5-year lows at reasonable P/NAV. We remain at Buy on NEM as we see attractive 3-5% dividend yield as sustainable even with AISC reset higher. We remain Neutral on GOLD sensing investor hesitation on M&A and Reko Diq despite discounted valuation."

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 $41.43 yesterday.

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