The stock of Agnico Eagle Mines Ltd (TSE:AEM) gapped down by $0.91 today and has $61.18 target or 7.00% below today’s $65.78 share price. The 7 months technical chart setup indicates high risk for the $14.66 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $61.18 price target is reached, the company will be worth $1.03 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 273,352 shares traded hands. Agnico Eagle Mines Ltd (TSE:AEM) has risen 45.66% since April 1, 2016 and is uptrending. It has outperformed by 43.70% 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. $81 is the highest target while $26 is the lowest. The $49.73 average target is -24.40% below today’s ($65.78) stock price. Agnico Eagle Mines has been the topic of 24 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm earned “Overweight” rating on Thursday, February 4 by JP Morgan. As per Tuesday, October 25, the company rating was maintained by RBC Capital Markets. HSBC upgraded Agnico Eagle Mines Ltd (TSE:AEM) rating on Wednesday, July 22. HSBC has “Buy” rating and $30.9 price target. The firm has “Outperform” rating by IBC given on Friday, July 24. The rating was maintained by RBC Capital Markets with “Outperform” on Monday, October 26. As per Tuesday, October 25, the company rating was upgraded by Raymond James. The stock of Agnico Eagle Mines Ltd (TSE:AEM) earned “Sector Perform” rating by RBC Capital Markets on Monday, September 19. On Friday, July 22 the stock rating was maintained by TD Securities with “Hold”.
More 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 published the news titled: “Oversold Conditions For Agnico Eagle Mines (AEM)” on October 06, 2016. Fool.ca‘s news article titled: “Agnico Eagle Mines Ltd. Will Grow Gold Production Like a Weed” with publication date: September 19, 2016 was also an interesting one.
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 $14.66 billion. The Firm operates through three business units. It has a 138.37 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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