Agnico-Eagle Mines, Ltd. (AEM)
by Zacks Equity ResearchApril 20, 2012 | Comments : 0 Recommended this article: (0)
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Agnico also missed its production and cost targets in 2011. The company's production was disrupted by a fire at its Meadowbank mine while geotechnical issues forced it to suspend operations at its Goldex mine. Total payable gold production declined to 985,460 ounces in 2011 from 987,609 ounces in 2010 due to the suspension of operations at Goldex and lower than expected ore grades milled at the LaRonde and Meadowbank mines.
Our long-term Underperform recommendation on the stock indicates that it will perform below the market. Our target price of $31 is based on 17.4x our 2012 EPS estimate.
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