Blackmont Increases Price Target And Confidence for Agnico-Eagle Mines

Blackmont analyst Richard Gray increased his target price for Agnico-Eagle Mines Ltd., (AEM) from C$50 to C$60 on Friday, calling the miner "the cream of the mid-tier crop."

The analyst maintained his "buy" rating on the stock.

"The addition of five new mines over the next three years is expected to dramatically increase Agnico-Eagle's gold exposure and alleviate the 'one mine' risk it currently faces," Mr. Gray said in a research note.

He added that high-profile hires over the past year of experienced mine builders and operators from competitor companies has only increased his confidence in the company's ability to make these projects work.