Thursday, April 21, 2011

Silver Wheaton (SLW) (HL) (AEM) (AGI) Upgraded by Cannacord

Canaccord Genuity analyst Steven Butler raised his ratings on Silver Wheaton (NYSE:SLW), Alamos Gold Inc. (TSE:AGI), Agnico-Eagle Mines Limited (NYSE:AEM) and Hecla Mining (NYSE:HL), while also boosting his price outlook for silver and gold for 2011.

“We continue to believe that macroeconomic conditions favor higher gold and silver prices, including record global liquidity, inflation prospects and low real interest rates, currency debasement on sovereign debt woes and political unrest in the Middle East and North Africa,” Butler wrote in a note.

Butler raised his gold price for 2011 to $1,525 an ounce and for silver to $42. For his peak price scenario, he sees gold jumping to $1,600 and silver to $47.50.

With the exception of Alamos Gold Inc., which was upgraded to "Speculative Buy" from "Hold," the rest of the companies were raised to "Buy."

Alamos was trading in Toronto at $15.93, gaining $0.73, or 4.80 percent. Agnico-Eagle Mines was trading in New York at $67.86, rising $0.42, or 0.62 percent, as of 1:22 PM EDT. Silver Wheaton was at $42.03, up $0.33, or 0.79 percent. Hecla was trading at $9.29, jumping $0.07, or 0.76 percent.

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