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Agnico Eagle Mines has been downgraded by UBS due to limited upside potential as gold prices exceed $3,000. The market sentiment reflects a challenging environment, with investors feeling lost amid current stock market conditions.
UBS has downgraded Agnico Eagle Mines from 'Buy' to 'Neutral', raising its price target to $110 amid high valuation concerns and wider market conditions. While earnings estimates for 2025 and 2026 have been increased, the stock's growth potential appears limited, prompting interest in alternatives like Barrick Gold and Franco-Nevada. The upward revision of gold prices suggests potential benefits for Agnico, but investors may seek more dynamic opportunities in the sector.
UBS has downgraded Agnico-Eagle Mines Ltd from Buy to Neutral while raising its price target from $100 to $110. Despite a strong performance, with a 120% return over two years, the firm notes limited upside potential without further increases in gold prices or a re-rating of the company's valuation. Agnico-Eagle has also completed the acquisition of O3 Mining Inc. and increased its stakes in Collective Mining Ltd. and Cartier Resources Inc., aligning with its strategy to expand in the mining sector.
The recent U.S. tariffs on Canada, Mexico, and China have created significant market volatility, with automakers like General Motors and Ford facing losses due to increased costs on vehicles produced in Mexico. Conversely, stocks linked to precious metals, such as Newmont Corporation and Barrick Gold, may benefit amid rising gold prices. The tech sector, including giants like Apple and Nvidia, is also bracing for potential impacts from tariffs on Chinese imports.
UBS Asset Management has launched the UBS ETF - Solactive US Listed Gold & Silver Miners UCITS ETF (GLDSL) on the SIX Swiss Exchange, targeting US-listed gold and silver mining companies. The ETF tracks an index comprising 21 firms, with top holdings including Agnico-Eagle Mines (11.3%), Alamos Gold (10.3%), and Kinross Gold Corp (10%). The index excludes companies generating over 30% of revenues from thermal coal and those not adhering to international norms.
UBS analysts predict gold prices could reach $2,900 per ounce by the end of 2025, citing strong support despite recent profit-taking and a new Treasury Secretary viewed as a fiscal hawk. They anticipate continued volatility influenced by inflation, interest rates, and geopolitical tensions, while noting that investor allocations in precious metals remain low, indicating potential for growth in both gold and mining stocks.
Agnico Eagle Mines Ltd
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Agnico Eagle Mines downgraded by UBS amid gold price concerns
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ubs downgrades agnico eagle mines to neutral despite positive earnings outlook
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