HSBC upgraded shares of Agnico-Eagle Mines Limited (NYSE:AEM) from an underweight rating to a neutral rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has $28.20 price target on the stock.
“We forecast Q3 2013 adjusted EPS of USD0.11, a significant improvement over Q2 2013 loss of USD0.03 per share, driven by higher production, revenues and lower operating costs marginally offset by sequentially lower average gold price. We estimate Q3 2013 production to come in at 264koz, up 18% q-o-q, at cash costs of USD729/oz, down 7% q-o-q, mainly due to higher estimated production at all mines and the return to a normal run rate at Kittila after Q2 maintenance shutdown. La Ronde gold head grades are expected to improve as the processed ore is predominantly mined from a deeper mine with a greater copper-gold content and lower silver and zinc grades.,” the firm’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at Raymond James upgraded shares of Agnico-Eagle Mines Limited from a market perform rating to an outperform rating in a research note to investors on Thursday, October 10th. Separately, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Agnico-Eagle Mines Limited in a research note to investors on Friday, September 20th. They set a neutral rating on the stock. Finally, analysts at CIBC reiterated a hold rating on shares of Agnico-Eagle Mines Limited in a research note to investors on Thursday, September 19th. They now have a $31.00 price target on the stock. Fifteen analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $37.52.
Agnico-Eagle Mines Limited (NYSE:AEM) traded down 2.85% during mid-day trading on Monday, hitting $25.86. 2,061,666 shares of the company’s stock traded hands. Agnico-Eagle Mines Limited has a 52-week low of $25.00 and a 52-week high of $57.35. The stock’s 50-day moving average is $29.23 and its 200-day moving average is $31.96. The company has a market cap of $4.472 billion and a P/E ratio of 24.33.
Agnico-Eagle Mines Limited (NYSE:AEM) last released its earnings data on Wednesday, October 23rd. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.09 by $0.26. The company had revenue of $44.30 million for the quarter, compared to the consensus estimate of $369.26 million. During the same quarter in the prior year, the company posted $0.77 earnings per share. The company’s quarterly revenue was down 17.1% on a year-over-year basis. On average, analysts predict that Agnico-Eagle Mines Limited will post $0.50 earnings per share for the current fiscal year.
Agnico-Eagle Mines Limited (NYSE:AEM) is a Canada-based international gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States.
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