On July 14, Agnico Eagle Mines declined 3.11% in regular trading, trading at $142.76/share, with turnover of $152 million. The stock came under pressure from a confluence of negative catalysts including multiple investment bank target price cuts and reduced production expectations.
On the news front, several major banks have recently slashed their price targets on the stock: BofA Securities cut its target from $302 to $240 while maintaining a Buy rating, RBC Capital lowered its target from $230 to $210 with a Sector Perform rating, and UBS reduced its target from $210 to $170 with a Neutral rating. Meanwhile, in early July the company announced a temporary suspension of mining operations at the Barnat open pit within its Canadian Malartic complex in Quebec after a rock mass movement along the pit's north wall. The incident is expected to reduce second-half production by approximately 60,000 to 80,000 ounces of gold, pushing full-year output toward the lower end of its 3.3 million to 3.5 million ounce guidance range.
Within the Gold sector, the overall sector saw broad weakness. Among individual stocks, Newmont Mining down 2.52%, Barrick Mining down 2.54%, Kinross down 3.15%, Coeur Mining down 3.16%, Royal down 2.69%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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