Agnico Eagle Seen Offering Limited Upside After Outperformance -- Market Talk

Dow Jones
2025/03/31

0939 ET - Agnico Eagle's relative valuation is looking stretched after an outperformance that has been driven by its peers struggling against production guidance, cost inflation and questionable M&A track records, UBS analyst Daniel Major argues. He notes that at 8.2 times its spot enterprise valuation-to-Ebitda, Agnico is now trading in line with its five-year average multiple and implies the stock is discounting a more than $3,000 an ounce gold price. So with limited upside seen, UBS drops its call to neutral from buy while lifting the price target to $110 from $100. Shares were last at $107.36 in New York, and C$153.79 in Toronto. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

March 31, 2025 09:39 ET (13:39 GMT)

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