UPDATE: Morgan Stanley Reiterates On Agnico Eagle Mines Ltd. On Strong Start To 2014

In a report published Monday, Morgan Stanley analyst Brad Humphrey reiterated an Overweight rating on Agnico Eagle Mines Ltd. (NYSE: AEM), and raised the price target from $36.00 to $37.00.

In the report, Morgan Stanley noted, “After a considerable beat in Q1 from higher output and lower costs, the question becomes, ‘Can AEM deliver further results in 2014?'. If the Osisko transaction successfully closes, we estimate Cdn Malartic to increase output by 10% and free cash flow ~25% in 2H. Raising our PT to $37 from $36.”

Agnico Eagle Mines Ltd. closed on Friday at $32.31.