FINWIRES · TerminalLIVE
FINWIRES

National Bank of Canada Boosts Agnico Eagle Mines' Price Target; Outperform Rating Maintained

By

National Bank of Canada on Friday raised its price target on the shares of Agnico Eagle Mines (AEM.TO) from $345 to $350 while its outperform rating was maintained following the company's first-quarter results.

The analysts said they continue to expect production growth of 4.3-million ounces by 2034, supported by upcoming technical reports for Hope Bay and San Nicolas, an update on Canadian Malartic expansion plans in Q3, and expected approvals for Detour Lake underground and Upper Beaver in 2027.

They added that their growth estimates could increase further with recent acquisitions in Finland, which may help build a roughly 500,000-ounce production hub over the next decade.

Agnico ended Q1 with US$2.91 billion in net cash and plans to expand its share buyback program to US$2 billion. With a strong balance sheet, the company aims to keep returning cash to shareholders while also speeding up development of its organic growth projects, which should provide additional catalysts throughout the year, the analysts said.

"We updated our estimates to incorporate Agnico Eagle's reported Q1 financial and operating results, including adjusted EBITDA of US$3.01 billion and adjusted EPS of US$3.41/share. Financial Results were above NBCM Estimate due to higher sales/revenue and lower exploration costs," the analysts said.

Price: $249.58, Change: $-5.86, Percent Change: -2.29%

Related Articles

Mining & Metals

Earnings Flash (BDGI.TO) Badger Infrastructure Solutions Posts Q1 Adjusted EPS US$0.22 Per Share Basic and Diluted

$BDGI.TO
Mining & Metals

Earnings Flash (BDGI.TO) Badger Infrastructure Solutions Ltd. Reports Q1 Revenue US$203.2M, Up 18%; 13% EBITDA Growth

$BDGI.TO
Mining & Metals

Sun Life Financial Reaches Settlement in Principle to Resolve MetLife Class Action; AM Best Affirms Credit Ratings

Sun Life Financial (SLF.TO) Thursday after trade said it has reached a settlement in principle to resolve a class action relating to individual life insurance policies sold and issued by MetLife in the 1980s and 1990s, which Sun Life inherited through acquisitions.This matter does not involve any policies or products sold by Sun Life, the company said.If approved, Sun Life would provide up to $213.5 million settlement value to eligible policyholders, which is expected to result in a charge to first quarter 2026 reported net income of approximately $145 million.The proceedings relate to the interpretation of policy language in the policies, which are subject to an indemnity from MetLife. Sun Life will seek full recourse from MetLife pursuant to the indemnity, if the settlement is approved, it confirmed.Separately, AM Best affirmed the financial strength rating (FSR) of A+ (Superior) and the long-term issuer credit ratings (Long-Term ICR) of "aa" (Superior) of Sun Life Assurance Company of Canada and Sun Life and Health Insurance Company (U.S.), core insurance subsidiaries of Sun Life Financial. AM Best also affirmed the Long-Term ICR of "a" (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of SLF. The outlook of these ratings is stable.The ratings reflect Sun Life Group's balance sheet strength, which AM Best assesses as strongest, strong operating performance, favorable business profile and very strong enterprise risk management.Sun Life Financial shares are unchanged at US$72.08 in U.S. after-hours trade. It closed up $1.30, to $97.87 on the Toronto Stock Exchange.

$SLF$SLF.TO