- Agnico Eagle Mines (AEM -1.6%) fails to hold early gains after announcing it exercised the 19.8M warrants of Pershimco Resources (RSPRF) it acquired in January.
- Sterne Agee had raised its price target for AEM to $48 from $42, noting that continued careful cost and capital management with upside potential generated by the newly acquired, co-owned Malartic mine should allow for earnings, cash flow and multiple improvement; as gold and silver prices grind higher, AEM should continue to outperform.
- The firm is more positive generally on the gold mining sector, noting the aggressive restructuring of operations for a $1.1K-$1.2K/oz. gold market; besides AEM, it likes Coeur Mining (CDE), Newmont Mining (NEM) and Gold Resource (GORO).
at Nasdaq.com (Jan 21, 2015)