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This Top Basic Materials Stock is a #1 (Strong Buy): Why It Should Be on Your Radar

Zacks Equity Research
·1-min read

Building a successful investment portfolio takes skill and hard work, no matter if you're a growth, value, income, or momentum-focused investor.

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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Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.87 to $3.17 per share. AEM also boasts an average earnings surprise of 16.5%.

Earnings are expected to grow 42.2% for the current fiscal year, while revenue is projected to increase 9.8%.

Additionally, AEM has climbed higher over the past four weeks, gaining 11.4%. The S&P 500 is up 7.3% 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