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Fly News Breaks for February 14, 2020
Feb 14, 2020 | 07:35 EDT
TD Securities analyst Greg Barnes downgraded Agnico Eagle to Hold from Buy with a price target of $63, down from $74, as he made a "sharp" cut in his EBITDA estimates for 2020 and 2021 given the company's higher operating-cost guidance for the next several years. Though production will grow modestly over the next several years and the company has organic development projects beyond that, he prefers to wait for more clarity on the project pipeline beyond the Meliadine Phase 2 expansion, Barnes tells investors.