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How to Find Strong Buy Basic Materials Stocks Using the Zacks Rank

Zacks Equity Research
·1-min read

It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.

Should You Buy #1 (Strong Buy)-Ranked Agnico Eagle Mines (AEM) for Your Portfolio?

Agnico Eagle Mines was upgraded to the Zacks Rank #1 list on May 2, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.

Toronto, Canada-based Agnico Eagle Mines Limited is a gold producer with mining operations in Canada, Mexico and Finland, and exploration activities in Canada, Europe, Latin America and the United States. It successfully completed its merger with Kirkland Lake Gold in February 2022.

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For fiscal 2024, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.91 to $3.23 per share. AEM boasts an average earnings surprise of 16.5%.

Analysts are expecting earnings to grow 44.8% for the current fiscal year, with revenue forecasted to rise 8.8%.

Additionally, AEM has climbed higher over the past four weeks, gaining 4.9%. The S&P 500 is down 1.6% in comparison.

Bottom Line

With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Agnico Eagle Mines could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.

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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

Zacks Investment Research