Agnico Eagle Mines +6.8% after Sterne Agee upgrades to Buy

|About: Agnico Eagle Mines Limited (AEM)|By:, SA News Editor

Agnico Eagle Mines (AEM +6.8%) is on the move after Sterne Agee upgrades shares to Buy from Neutral and raises the target price to $38, citing "solid corporate actions, mine maturity, and production growth" that "should allow for return and cash generation upside."

The firm says AEM has long been one of the best managed senior North American gold producers, which continues to offer one of the highest growth profiles in the industry, especially in an environment where most large and mid-cap miners expect flat to negative growth over the next few years.

The firm supports AEM's capital and cost-savings targets with potential for additional reductions while exhibiting ample liquidity.