CIBC Raises Agnico Eagle Price Target to $296 on $6,000 Gold Forecast
On February 4, CIBC raised its price target for Agnico Eagle to $296 from $231 while maintaining an Outperform rating. The broker lifted its gold price forecasts to $6,000 per ounce in 2026 and $6,500 in 2027, citing continued demand and heightened geopolitical instability.
1. Price Target Upgrade
On February 4, CIBC raised Agnico Eagle’s price target from $231 to $296, maintaining an Outperform rating. The upgrade underscores the broker’s bullish stance on the company’s high-margin production profile.
2. Gold Price Forecast
CIBC projected spot gold prices at $6,000 per ounce in 2026 and $6,500 in 2027, up from its prior estimates. The firm highlighted persistent demand drivers and escalating geopolitical tensions as key catalysts.
3. JPMorgan Coverage Initiation
On January 29, JPMorgan began coverage of Agnico Eagle with a Neutral rating and a $248 price target. The bank estimated 2026 production at about 3.4 million ounces, noting the miner’s operational consistency and low-risk leverage to gold.