Analyst Actions: UBS Cuts Agnico-Eagle Target Price As Sees Higher Operating Costs

UBS analyst Brian MacArthur has lowered his earnings per share estimates for Agnico-Eagle Mines Ltd. (AEM.TO) for 2011 through 2013, citing his expectations for higher operating costs at several mines, according to The Globe and Mail.

The Globe said Agnico-Eagle expects 2011 production of 1.01 million ounces at a cash cost of $575 an ounce, and Mr. MacArthur believes "it is critical" for the company to hit its operational targets to regain credibility after several recent negative revisions.

UBS hast cut the price target by US$5 to US$54 and maintained a "buy" rating.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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