The stock of Agnico Eagle Mines Ltd (TSE:AEM) gapped down by $1.23 today and has $51.97 target or 3.00% below today’s $53.58 share price. The 5 months technical chart setup indicates high risk for the $11.94 billion company. The gap down was reported on Nov, 23 by Barchart.com. If the $51.97 price target is reached, the company will be worth $358.20M 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 428,299 shares traded hands. Agnico Eagle Mines Ltd (TSE:AEM) has risen 9.40% since April 19, 2016 and is uptrending. It has outperformed by 4.07% the S&P500.
Agnico Eagle Mines Ltd (TSE:AEM) Ratings Coverage
Out of 10 analysts covering Agnico Eagle Mines (TSE:AEM), 5 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 50% are positive. $90 is the highest target while $26 is the lowest. The $55.59 average target is 3.75% above today’s ($53.58) stock price. Agnico Eagle Mines has been the topic of 27 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock of Agnico Eagle Mines Ltd (TSE:AEM) earned “Sector Perform” rating by RBC Capital Markets on Wednesday, November 23. IBC initiated the shares of AEM in a report on Friday, July 24 with “Outperform” rating. The stock has “Sector Perform” rating given by RBC Capital Markets on Tuesday, October 25. The firm earned “Hold” rating on Friday, July 22 by TD Securities. RBC Capital Markets maintained the shares of AEM in a report on Monday, September 19 with “Sector Perform” rating. The firm has “Outperform” rating by Raymond James given on Tuesday, October 25. The rating was initiated by JP Morgan with “Overweight” on Thursday, February 4. As per Tuesday, November 22, the company rating was maintained by Scotia Capital. The firm has “Hold” rating given on Friday, November 18 by TD Securities. RBC Capital Markets maintained the shares of AEM in a report on Monday, October 26 with “Outperform” rating.
More news for Agnico Eagle Mines Ltd (TSE:AEM) were recently published by: Prnewswire.com, which released: “Technical Reports on Basic Materials Equities — Agnico Eagle Mines, Timmins …” on November 23, 2016. Forbes.com‘s article titled: “Relative Strength Alert For Agnico Eagle Mines (AEM)” and published on November 11, 2016 is yet another important article.
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 $11.94 billion. The Firm operates through three business units. It has a 112.27 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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