09:30 AM EDT, 03/28/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by CAD8 to CAD85, which values AEM at an EV/EBITDA of 9.0x our 2024 EBITDA estimate, a premium to AEM's three-year average forward EV/EBITDA of 7.6x and above peers, which are trading at an average forward EV/EBITDA of 6.5x. AEM's premium valuation reflects its best-in-class operations with top-tier assets. We raise our EPS estimates to reflect the higher gold price: 2024 EPS up by USD0.24 to USD2.40 and 2025 by USD0.28 to USD2.65. CFRA forecasts three 25 basis point cuts in the Fed funds rate by year end, which should provide a tailwind for gold to continue to appreciate. Yesterday (March 27), gold set yet another all-time closing price, at $2,213 per ounce, and we are anticipating 10%-15% upside from the current price by year end. The Q1 average price is poised to be around $2,080 per ounce, 9.7% higher Y/Y, while the consensus Q1 adjusted EPS is a forecast of USD0.53, or down 8.6% Y/Y. We think the Q1 earnings release and guidance is likely to be a positive catalyst.