The stock of Agnico Eagle Mines Ltd (TSE:AEM) gapped up by $0.51 today and has $86.29 target or 33.00% above today’s $64.88 share price. The 5 months technical chart setup indicates low risk for the $15.15 billion company. The gap was reported on Oct, 19 by Barchart.com. If the $86.29 price target is reached, the company will be worth $5.00 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 677,049 shares traded hands. Agnico Eagle Mines Ltd (TSE:AEM) has risen 35.10% since March 14, 2016 and is uptrending. It has outperformed by 29.56% the S&P500.
Agnico Eagle Mines Ltd (TSE:AEM) Ratings Coverage
Out of 9 analysts covering Agnico Eagle Mines (TSE:AEM), 4 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 44% are positive. Agnico Eagle Mines has been the topic of 21 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by HSBC on Wednesday, July 22. The firm has “Outperform” rating given on Monday, October 26 by RBC Capital Markets. RBC Capital Markets maintained the shares of AEM in a report on Monday, September 19 with “Sector Perform” rating. The firm earned “Outperform” rating on Friday, July 24 by IBC. The firm has “Overweight” rating by JP Morgan given on Thursday, February 4. The firm earned “Hold” rating on Friday, July 22 by TD Securities.
More notable recent Agnico Eagle Mines Ltd (TSE:AEM) news were published by: Forbes.com which released: “Agnico Eagle Mines (AEM) Shares Enter Oversold Territory” on October 06, 2016, also Forbes.com with their article: “Reminder – Agnico Eagle Mines (AEM) Goes Ex-Dividend Soon” published on August 26, 2016, Fool.ca published: “Agnico Eagle Mines Ltd. Was Downgraded 3 Times This Summer: Should You Sell?” on September 07, 2016. More interesting news about Agnico Eagle Mines Ltd (TSE:AEM) were released by: Fool.ca and their article: “Agnico Eagle Mines Ltd. Will Grow Gold Production Like a Weed” published on September 19, 2016 as well as Prnewswire.com‘s news article titled: “Gold Stocks Technical Reports — Agnico Eagle Mines, Timmins Gold, Vista Gold …” with publication date: October 10, 2016.
Agnico Eagle Mines Limited is a gold producer with mining activities in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The company has a market cap of $15.15 billion. The Firm operates through three business units. It has a 343.61 P/E ratio. The Northern Business consists of its activities in Canada and Finland.
AEM.TO Company Profile
Agnico Eagle Mines Limited (Agnico Eagle), incorporated on June 1, 1972, is a gold producer with mining activities in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The Firm operates through three business units: Northern Business, Southern Business and Exploration. The Company’s Northern Business consists of the Company’s activities in Canada and Finland. The Company’s Canadian properties include the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine and the Meliadine project, each of which is held directly by the Company, and an interest in the Canadian Malartic Mine, which is held indirectly through a subsidiary of the Company and Canadian Malartic Corporation. The Company’s activities in Finland are conducted through its indirect subsidiary, Agnico Eagle Finland Oy, which owns the Kittila mine. The Company’s Southern Business consists of the Company’s activities in Mexico. The Company’s Pinos Altos mine, including the Creston Mascota deposit, is held through its subsidiary, Agnico Eagle Mexico S.A. de C.V. The La India mine is owned by the Company’s indirect subsidiary, Agnico Sonora, S.A. de C.V.
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