Agnico Eagle price target lowered to $304 from $312 at CIBC

CIBC analyst Anita Soni lowered the firm’s price target on Agnico Eagle (AEM) to $304 from $312 and keeps an Outperformer rating on the shares. The firm adjusted targets in the gold and base metals group as part of a Q1 preview. CIBC believes the 20% selloff in gold from its January high and the “flip-flop” in Federal Reserve funds expectations will “support a bounce in the asset’s price.” The analyst remains optimistic on gold and sees a solid entry point at current share levels. CIBC has also adopted a more constructive outlook on base metal equities, seeing rising commodity tailwinds rom ongoing supply constraints.