UBS downgraded Agnico Eagle (AEM) to Neutral from Buy with a price target of $110, up from $100. The company’s “reliable execution” has created consistent equity leverage to higher gold prices, which has been rewarded by the market with the shares returning 120% over two years, the analyst tells investors in a research note. UBS now sees limited upside without further gold price upside and a multiple re-rating. After consistent outperformance, Agnico’s relative valuation “looks stretched,” the firm contends.
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