Agnico-Eagle Mines Downgraded to “Hold” at Dahlman Rose (AEM)

Gold producer Agnico-Eagle Mines Limited (AEM) on Wednesday caught a big downgrade from analysts at Dahlman Rose & Company.

The firm said it cut its rating on AEM from “Buy” to “Hold,” noting that “Despite 2011 complications, we believe the market has regained confidence in current operations and future growth prospects. We believe shares now to be fully-valued, and are therefore downgrading our rating.”

Agnico-Eagle Mines shares were mostly flat in premarket trading Wednesday.

The Bottom Line
Shares of Agnico-Eagle Mines (AEM) have a 2.07% dividend yield, based on last night’s closing stock price of $38.58 price area. The stock has technical support in the $32-$35 price area. If the shares can firm up, we see overhead resistance around the $40-$45 price levels.

Agnico-Eagle Mines Limited (AEM) is not recommended at this time, holding a DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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