Barrick (B) Vs. Agnico Eagle (AEM): Why One Gold Stock Is 22% Cheaper Today

Benzinga_recent_news01-29

Gold is back in macro-dominance mode—and JPMorgan is framing the sector as a tale of two miners trading at very different prices for very different reasons. With bullion up roughly 91% year-over-year ...

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Agnico Eagle (AEM): Why One Gold Stock Is 22% Cheaper Today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-29 23:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/commodities/26/01/50235394/barrick-b-vs-agnico-eagle-aem-why-one-gold-stock-is-22-cheaper-today><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gold is back in macro-dominance mode—and JPMorgan is framing the sector as a tale of two miners trading at very different prices for very different reasons. 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With bullion up roughly 91% year-over-year and miners nearly tripling, the divergence between Barrick Mining Corp (NYSE:B) and Agnico Eagle Mines Ltd (NYSE:AEM) is now a valuation story as much as an operational one.\nJPMorgan analyst Bennett Moore calls Agnico Eagle the \"premier player in the space,\" citing operational execution, a clean cost profile, and a low-risk geographic footprint. That consistency commands a premium. AEM currently trades at a roughly 37% premium to peers—right in line with its historical multiple.\nBarrick, by contrast, is the bigger global beast with a \"world-class reserve base\" and nearer-term organic growth potential. But it also carries baggage: jurisdictional risk, a management transition, and a mixed track record. The market is pricing those risks aggressively—Barrick trades at just 4.3x FY27 EV/EBITDA and about a 22% discount to peers, versus being roughly in-line historically.\nMoore sees Barrick's discount as potentially overdone, especially with company-specific catalysts on the horizon:\nIn JPMorgan's framework, that upside justifies an Overweight rating and a $68 price target.\nAgnico, meanwhile, is a long-duration growth story, with its next major leg more of a 2030s narrative. With valuation already \"relatively full,\" JPMorgan prefers waiting for a better entry point—hence the Neutral rating despite acknowledging Agnico's best-in-class status.\nBoth miners sit on extraordinary profitability: JPMorgan models EBITDA margins around 75% into FY26–27, with strong free cash flow supporting rising capex and shareholder returns. \nThe macro tailwind is just as important—central bank buying, ETF inflows, and a structural rethink of gold's role in the financial system underpin a bullish long-term price outlook.\nAEM is priced like a flawless operator. Barrick is priced like a geopolitical problem. If the risks normalize, that 22% discount could be the real trade.\nPhoto: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607903143","isCrawlerRequest":true}