Agnico Eagle initiated with a Hold at Jefferies

Jefferies analyst Matthew Murphy initiated coverage of Agnico Eagle with a Hold rating and $54 price target as the analyst started coverage on the North American gold mining and streaming sector with a positive view. Despite high real rates and falling inflation, gold has been supported near all-time highs by foreign central bank buying and a slowing global economy could serve as the next tailwind, while equities have detached from the near-record gold prices and sit at “discounted levels,” says the analyst, who thinks miner margin expansion can soon resume.