01:50 PM EDT, 04/26/2024 (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 by CAD17 to CAD102, which assumes an EV/EBITDA of 9.0x our 2025 EBITDA estimate, above AEM's three-year average forward EV/EBITDA of 7.6x and above peers' average forward EV/EBITDA of 6.2x. We think AEM's premium valuation is justified by its superior asset quality. We raise our 2024 EPS estimate by USD0.96 to USD3.36 and 2025's by USD1.07 to USD3.72. AEM posted Q1 adj. EPS of USD0.76 vs. USD0.58, USD0.16 above consensus; Q1 sales increased 21% Y/Y and beat consensus by 3%. Q1 gold production increased 8.1% to 878,652 ounces and gold sales volume rose to 879,063 ounces, up 11.6% Y/Y. Q1 total cash cost per ounce increased by USD69 (or 8.3% Y/Y) to USD901 and all-in sustaining cost per ounce is up USD65 (or 5.8% Y/Y) to USD1,190. The Q1 average realized gold price of USD2,062 per ounce was up by USD170 per ounce, or 9% Y/Y. The current gold price is well above the Q1 average, and we think the gold price will continue to appreciate throughout 2024, supporting strong EPS growth.