ATB upgrades ‘gold standard’ Agnico Eagle to Outperform

As previously reported, ATB Cormark analyst Richard Gray upgraded Agnico Eagle (AEM) to Outperform from Sector Perform with an unchanged price target of C$330, following the Q1 report. The firm says Agnico is the “gold standard” of gold producers, deserving a premium multiple for its “steady, long-life, high-margin, operating portfolio in low-risk jurisdictions.” The company is well positioned to benefit from the record margins into production growth beyond 2030, the analyst tells investors in a research note.