Stifel Canada on Tuesday reiterated its buy rating on the shares of Agnico Eagle Mines (AEM.TO, AEM) and its C$350.00 price target following the miner's fourth-quarter results.

"Agnico reported in-line Q4/25 adjusted EBITDA/EPS of $2,509Mln/$2.69 on gold production of 841Koz, albeit at higher-than-expected cash costs and AISC of $1,089/oz and $1,517/oz, respectively. Q4/25 free cash flow of $1,310Mln was +3.1% vs. our $1,270Mln or $1,173/GEO (flat QoQ ex-working capital) vs. +20% QoQ increase in gold price. LaRonde delivered the most impressive operational beat in 2025, exceeding the production midpoint by +11.2% (and 15.2% below cost guidance). Agnico's stable 3Yr production outlook of 3.3-3.5Moz through 2028 remains defined by a high-execution phase at its core Canadian assets-specifically the Odyssey underground ramp-up at Canadian Malartic and the 28Mtpa mill optimization at Detour Lake, albeit at slower-than-planned progress around historical underground workings, which results in a relatively modest 20Koz downward revision for Detour Lake 2026 and 2027 guidance," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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