In a report released today, Matt Murphy from BMO Capital maintained a Buy rating on Agnico Eagle, with a price target of C$370.00.
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Matt Murphy has given his Buy rating due to a combination of factors tied to Agnico Eagle’s advancing Nunavut portfolio and emerging growth profile. He highlights that Meliadine continues to improve operationally with a long mine life, while Hope Bay is moving toward construction with detailed engineering well progressed, key infrastructure in place, and an experienced team already on site.
Murphy also points to substantial district-scale upside at Hope Bay, where multiple existing deposits and more than 90 regional targets could support meaningful production for decades. Coupled with a larger, flexible processing design, improved camp and logistics planning, and the company’s operating lessons from Meliadine, he sees a credible path for Agnico Eagle’s output to exceed 4Moz per year by the early 2030s. The price target is unchanged at $370, reflecting confidence in this long-dated yet increasingly visible growth pipeline.
Murphy covers the Basic Materials sector, focusing on stocks such as Agnico Eagle, Franco-Nevada, and Ero Copper. According to TipRanks, Murphy has an average return of 34.8% and a 72.63% success rate on recommended stocks.
In another report released on May 20, ATB Cormark Capital Markets also maintained a Buy rating on the stock with a C$350.00 price target.