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StocksMediumUpdated•Originally published 4 May 2026•Updated 5 May 2026•

1 min read

ATB Capital Upgrades Agnico Eagle Mines to Outperform on Record Q1 Results and $2B Buyback

Key Facts

1ATB Capital upgraded Agnico Eagle Mines (AEM) to 'Outperform' when the stock price was $182.21.

2The company reported adjusted EPS of $3.41 for Q1 2026, surpassing analyst expectations.

29 days ago

Version History

Version 129 days ago

What changed: Added specific drivers for the revenue beat (gold prices) and noted operational headwinds including rising costs and lower production volumes.

ATB Capital has upgraded Agnico Eagle Mines (AEM) to an 'Outperform' rating following its Q1 2026 financial performance. The company reported an adjusted EPS of $3.41, with revenues exceeding expectations driven primarily by the surge in global gold prices. However, the quarter also saw higher operating costs and a decline in production levels, highlighting significant operational headwinds. Despite these challenges, the firm generated $732 million in free cash flow, prompting the renewal of its $2 billion share buyback program. Analysts noted that while rising costs are a concern, record operating margins and high capital returns continue to support the company's growth trajectory in the gold sector.