Agnico Eagle (AEM)
The desk's stance
On our research list, not on the slate.
What the company does
The quality operator of gold: safe jurisdictions (Canada, Finland, Australia), consistent execution, and the sector’s premium multiple to show for it.
In short: Gold exploration and production. Category: Tier-One Senior Gold Producer. Sector: Basic Materials, Gold.
G-Street Value and Score
G-Street Value: $195.70, computed Oct 18, 2026 (confidence: medium).
How we got there: 70% analyst leg $195.7 (5 analyst targets, credibility- and freshness-weighted, after 8% optimism discount) + 30% GainStreet factor value $239.08 (19.85× fwd EPS anchored to resources multiples) — capped at the analyst leg; factors never out-bull the street.
G-Street Score: 80 out of 100 (Strong).
- Top-line growth & guidance: 27 of 32
- Margin power: 15 of 15
- Revenue visibility & quality: 5 of 11
- Profitability & balance sheet: 22 of 24
- Capital allocation & governance: 5 of 6
- Valuation, sentiment & momentum: 6 of 12
Our current thesis
Updated Oct 18, 2026
The thesis
- Premier Tier-1 jurisdictions across Canada and Finland drive sector-leading 40.4% net margins.
- Robust balance sheet holding $3.16B in net cash comfortably funds dividends and pipeline development.
- Demonstrated operational excellence with four consecutive quarters of earnings-per-share beats.
Risks
- Sequential quarterly revenue deceleration from $4.10B to $3.80B prompted negative earnings revisions.
- Valuation multiple trades at a notable premium to senior peer NEM at 11.7x.
- Vulnerable to spot gold price corrections and inflationary pressures on underground development capex.
What we're watching
- Q3 2026 earnings release on October 28 detailing all-in sustaining costs and production.
- Canadian Malartic underground transition progress and Barnat pit remediation capex updates.
- Share price stability around the $180 support level amid ongoing gold consolidation.
Latest
AEM trades at $189.53 heading into October 28 earnings, supported by 40.4% net margins and $3.16B net cash. Top-line revenue decelerated sequentially from $4.10B in Q1 to $3.80B in Q2 2026, driving two recent downward revisions. Shares trade at 15.7x forward earnings, reflecting a valuation premium against peer Newmont's 11.7x multiple.
Key numbers
As of Oct 16, 2026: market cap $96.0B · revenue growth +35.0% year over year · gross margin 74.5% · net margin 40.4% · forward P/E 15.7 · next earnings Oct 28, 2026.
Analyst price targets
Published analyst targets we could trace to a named source.
- CIBC, Buy: $239 target (October 2026). Source: stockanalysis.com
- RBC Capital, Hold: $225 target (October 2026). Source: stockanalysis.com
- UBS, Hold: $190 target (October 2026). Source: stockanalysis.com
- Bank of America, Buy: $240 target (August 2026). Source: stockanalysis.com
- JPMorgan, Hold: $179 target (August 2026). Source: www.tipranks.com
Decision history
- Jul 21, 2026 — Pinned at $141.62. Pinned by the human — AI cannot remove it
- Jul 21, 2026 — Unpinned at $141.62. Unpinned — back under AI management
On the Gainz Lab maps
Who it does business with
- Agnico Eagle supplies Central Banks & Investors — Gold (about $11.0B a year). Agnico’s low-risk ounces command the sector’s premium valuation.
- Newmont competes with Agnico Eagle — Tier-one gold. The two ways to own big gold: Newmont’s scale vs Agnico’s discipline.
In the Daily Brief
Named in 2 editions on 2 days.
- Aug 20, 2026: Yields softened on Treasury buys, oil still flared, yet our AI bets and digital gold flew high
- Aug 6, 2026: Tech profit-taking cooled things down, but our Shopify AI bet paid off handsomely, and gold suddenly felt like a king