On the back of rising gold prices, Agnico-Eagle Mines Ltd. (AEM) has seen its shares climb nearly 9% so far in 2008. And things continue to look up for the miner. On Friday it said that its gold reserves reached a record 16.65 million ounces as of the end of 2007, up 33% from a year earlier.
As a result of this update, Raymond James analyst Paul O’Brien boosted his net asset value per share estimate to $29.85 from $28.73 and his price target to C$68 from C$65, while maintaining a “market perform” rating.
Agnico continues to have one of the best growth production profiles around, as well as a strong balance sheet to fund its capital program and exploration upside at several properties, he told clients in a note.