CIBC Forecasts Strong Price Appreciation for Agnico Eagle Mines (NYSE:AEM) Stock

Key Points

• CIBC has raised its price target for Agnico Eagle Mines (NYSE:AEM) significantly from $165.00 to $231.00, indicating a potential upside of 40.97% based on current prices.
• The stock currently holds an average rating of "Buy", with six analysts rating it as a Strong Buy and others maintaining buy or hold ratings.
• Agnico Eagle Mines reported strong quarterly earnings with an EPS of $1.94, exceeding estimates, and a notable revenue increase of 35.6% year-over-year.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its price target upped by analysts at CIBC from $165.00 to $231.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperformer" rating on the mining company's stock. CIBC's price objective would suggest a potential upside of 40.97% from the company's current price.

Several other research firms have also weighed in on AEM. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Zacks Research raised Agnico Eagle Mines from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. UBS Group raised their price objective on Agnico Eagle Mines from $125.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, September 19th. TD Securities lifted their price target on Agnico Eagle Mines from $154.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Raymond James Financial set a $182.00 price objective on shares of Agnico Eagle Mines and gave the company an "outperform" rating in a research report on Friday. Six equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $162.10.

Agnico Eagle Mines Trading Up 1.3%

NYSE:AEM traded up $2.14 on Friday, reaching $163.87. The stock had a trading volume of 1,234,027 shares, compared to its average volume of 2,967,704. Agnico Eagle Mines has a 12-month low of $75.17 and a 12-month high of $172.21. The company has a market cap of $82.40 billion, a price-to-earnings ratio of 27.77, a P/E/G ratio of 1.13 and a beta of 0.46. The firm's fifty day moving average is $148.79 and its two-hundred day moving average is $127.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, beating the consensus estimate of $1.83 by $0.11. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the firm posted $1.07 earnings per share. Agnico Eagle Mines's revenue for the quarter was up 35.6% compared to the same quarter last year. Equities analysts expect that Agnico Eagle Mines will post 4.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Agnico Eagle Mines

Several hedge funds have recently added to or reduced their stakes in AEM. Ameritas Advisory Services LLC acquired a new stake in shares of Agnico Eagle Mines during the second quarter worth $25,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Agnico Eagle Mines in the 1st quarter valued at $26,000. Cary Street Partners Investment Advisory LLC acquired a new position in Agnico Eagle Mines in the 1st quarter valued at $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in Agnico Eagle Mines in the 2nd quarter valued at $29,000. Finally, City State Bank raised its stake in Agnico Eagle Mines by 69.2% in the second quarter. City State Bank now owns 269 shares of the mining company's stock valued at $32,000 after purchasing an additional 110 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.

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