NEW YORK, Mar 14, 2008 (Thomson Financial via COMTEX News Network) --
Agnico-Eagle Mines Ltd.'s stock price target was raised to $82 from $71 by RBC Capital, citing rising gold prices and given that the gold producer has the greatest growth among its peers.
The stock closed at $77.28 on the NYSE and at C$76.53 on the Toronto exchange, both all-time highs.
April gold futures rose to a record high of $1,001.50 an ounce on Wednesday, before paring gains at the close. The April contract was last up $2.90 at $996.70 an ounce in electronic trading.
"We expect investors to remain focused on Agnico's delivery of planned production growth over the next few years, with two new mines expected to begin operation later this year, two more under construction with scheduled start up on 2009, and a further two mines planned during 2010-2011," Analyst Michael Curran said in a research note. Tomi Kilgore tk1
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