UPDATE: Agnico-Eagle Shares Advance on Strong Earnings Report


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Gold miner Agnico-Eagle Mines Ltd.(AEM.TO) today reported a first quarter profit of $78 million or 46 cents per diluted share, up from a profit of $45 million or 26 cents per share a year earlier.

Revenue totalled $474 million, up from $418 million in 2011.

The company said the higher net income and cash provided by operating activities in 2012 was primarily due to a 20% higher realized gold price.

Analysts at Credit Suisse today upgraded the outlook on AEM to Outperform from Neutral and raised the target share price estimate to $45 (from $35).

AEM shares were up more than 8% to $38.15 on volume of 1.23 million.

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This article appears in: Investing , Commodities

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