Agnico Eagle Mines (AEM.TO) has kept its Outperform rating and US$105 price target, RBC Capital Markets said in a Thursday note, while noting "first impressions slightly negative" on the AEM's Q4.

The miner reported earnings of US$1.26 per share in the fourth quarter of 2024, beating the RBC estimate of US$1.22 per share and the consensus forecast of US$1.16 per share, driven by lower tax and exploration expense. FCF was $570 million (mixed vs. an RBC estimate $671m, consensus $538m).

But production was 847,000 ounces, 2% below RBC estimates and 1% below consensus.

In RBC's view, the AEM update was "slightly negative". It noted Q4 results came in slightly below RBC/consensus expectations and 2025 guidance outlines slightly lower production, in-line costs, and higher capex -- "few positive offsets to this were reported".

RBC views Agnico's outlook "constructively" but it expects more minor downward consensus estimate revisions post-release, and a share price reaction that is commensurate with this."

Agnico was down 0.8% at last look Friday in NYSE pre-market trading.