UBS analyst Daniel Major initiated coverage of Agnico Eagle with a Buy rating and $95 price target. UBS remains constructive on gold, and is forecasting a further 10% upside over the next 12 months, and thinks Agnico Eagle provides low risk, reliable leverage to gold price upside, the analyst tells investors in a research note. The firm says demand for low risk gold leverage will remain strong, sustaining Agnico Eagle’s premium multiple vs peers.
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