by Sam Collins | November 27, 2012 1:00 am
Agnico-Eagle Mines Ltd. (NYSE:AEM) — This Canada-based international gold producer has operations in most gold-producing countries.
The company reported Q3 earnings of $0.77, soundly beating estimates of $0.40. Production guidance for the year has been raised, and costs have fallen to the lower end of management’s estimates.
Technically, the stock has been in a four-month bull market, interrupted only by a round of profit-taking two weeks ago that ended with a buy signal from our proprietary Collins-Bollinger Reversal (CBR) indicator.
On Monday, AEM broke a triple-top as it made a new 52-week high. Near term, expect AEM to add another upward leg with a target of $65. Longer-term buyers could expect the stock to climb to $80 within 12 months.
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