Agnico Eagle Mines: Best-In-Breed Gold Miner Stands Out As Gold Breaks Out

Agnico Eagle Mines is reiterated as a buy, with shares seen as fundamentally undervalued and a technical breakout supporting upside. AEM posted strong Q2 2026 results: $3.07 non-GAAP EPS, $3.8B revenue, $1.335B free cash flow, and $400M in buybacks, surpassing capital return targets. Management projects 3.3–3.5 million ounces output by 2026 and targets 20–30% growth over the next decade, while advancing five pipeline projects. Valuation implies 34% upside to $240/share using a 20x P/E on $12 normalized EPS; key risks include gold prices, energy costs, and regulatory uncertainty. Gold soared 7% last week for no apparent reason. Investors don’t like it when there is a nothing-burger behind a price move, but that action can be the most explosive and revealing of all. Sure, Treasury yields eased, but the giveback