Canaccord Genuity Increases PT on Agnico Eagle Mines from $143.23 to $152.68, Keeps Buy Rating on the Stock

Agnico Eagle Mines Limited (NYSE:AEM) is one of the Best Gold Mining Companies to Buy Now. On July 23, Canaccord Genuity increased the price target on Agnico Eagle Mines Limited (NYSE:AEM) from $143.23 to $152.68, keeping its Buy rating on the stock.

Canaccord Genuity analyst Carey MacRury raised the price target on AEM following strong Q2 FY2025 results. The company posted record financial results, with revenue of $2.8 billion, exceeding estimates by $115.07 million. The adjusted earnings came in at $1.94 per share, surpassing consensus by $0.14. The company improved its financial position with $1.3 billion in FCF and repurchasing shares worth $100 million, alongside $550 million in debt repayments. The robust results were driven by gold production of around 866,000 ounces and a high realized gold price of $3,288 per ounce.

The analyst remains positive as the company made significant progress on important projects, including record gold production at Odyssey and Macassa. Agnico Eagle Mines had the best mill throughput at Detour for the second quarter. Moreover, the company continues to invest in future growth with projects, including Detour, Hope Bay, Malartic, San Nicolas, and Upper Beaver. These projects could substantially increase the gold production capacity.

Agnico Eagle Mines Limited (NYSE:AEM) is a gold mining company. It engaged in the exploration, development, and production of precious metals, including gold, silver, zinc, and copper.

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Disclosure: None. This article is originally published at Insider Monkey.