Globe says Agnico-Eagle has bright growth prospects

2009-01-23 08:20 ET - In the News

The Globe and Mail reports in its Friday, Jan. 23, edition that Caldwell Securities chief executive officer Brendan Caldwell likes the growth propects of Agnico-Eagle Mines. Lois Lee writes in The Globe's BNN Market Call column that Agnico-Eagle stock tumbled 38 cents to finish Thursday on the Toronto Stock Exchange at $64.47. The stock has a one-year range of $26.60 to $82.80. Mr. Caldwell says, "Agnico-Eagle has a number of mines starting up in the next couple of years and its production is expected to grow fivefold." In his general outlook Mr. Caldwell says: "After an initial rebound early in 2009, we believe that it is likely that the market will be less robust as investors take stock of the economy and the prospects for future corporate profitability. Companies are likely to use the current environment to report every piece of bad news possible. This will be a watershed moment for markets as investors decide how to respond to these results." Morgan, Meighen & Associates recommended the stock in The Globe on Nov. 28. It was then trading at $46.01. Wellington West Capital Markets was bullish on Agnico-Eagle in The Globe on Oct. 31, when it was worth $35.42.

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