Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,521.50 19.85 0.12%
S&P 500 1,883.21 7.82 0.42%
NASDAQ 4,150.72 23.75 0.58%
Ticker Volume Price Price Delta
STOXX 50 3,189.81 13.84 0.44%
FTSE 100 6,703.00 28.26 0.42%
DAX 9,548.68 4.49 0.05%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

The Zacks Analyst Blog Highlights: Wells Fargo, SunEdison, JPMorgan Chase, KeyCorp. and Agnico Eagle Mines



  The Zacks Analyst Blog Highlights: Wells Fargo, SunEdison, JPMorgan Chase,
                       KeyCorp. and Agnico Eagle Mines

PR Newswire

CHICAGO, June 28, 2013

CHICAGO, June 28, 2013 /PRNewswire/ -- Zacks.com announces the list of stocks
featured in the Analyst Blog. Every day the Zacks Equity Research analysts
discuss the latest news and events impacting stocks and the financial markets.
Stocks recently featured in the blog include Wells Fargo & Company
(NYSE:WFC-Free Report), SunEdison, Inc. (NYSE:SUNE-Free Report), JPMorgan
Chase & Co. (NYSE:JPM-Free Report), KeyCorp. (NYSE:KEY-Free Report) and Agnico
Eagle Mines Limited (NYSE:AEM-Free Report).

(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of
the Day pick for free.

Here are highlights from Thursday's Analyst Blog:

Wells Fargo to Invest in Solar Power

Wall Street banks' attraction towards solar energy seems to continue. On
Wednesday, Wells Fargo & Company (NYSE:WFC-Free Report) announced a further
investment of more than $100 million of tax equity financing over the next 18
months to SunEdison, Inc. (NYSE:SUNE-Free Report) – a leading solar energy
provider.

Wells Fargo plans to invest in distributed generation solar power projects
developed by SunEdison. Since 2007, the banking major has financed almost 200
utility-scale solar projects throughout 13 U.S. states and Puerto Rico, for an
amount worth $950 million. This has allowed SunEdison to provide clean and
cost-effective energy to its customers.

SunEdison designs its projects according to the terms of a power purchase
agreement (PPA). Its customers buy the energy produced for a fixed rate as
specified in the PPA. Hence, third-party investors are beneficial to SunEdison
as they facilitate the company to install solar power equipment without
requiring customers to pay upfront costs. Since 2008, SunEdison has garnered
approximately $5 billion in project financing for solar power plants.

Recently, Sunrun – a privately held rooftop solar solutions provider – secured
funds worth $630 million from

JPMorgan Chase & Co.

(NYSE: JPM-Free Report) to acquire and install solar power equipment.

Financing solar installations have become attractive for major banks as they
enjoy tax rebates, including a solar tax credit. The federal tax credit is
equivalent to 30% of a project's cost. Moreover, at times, banks receive a
fraction of the homeowners' lease payments, as per the terms of the deal.

An acute awareness of the benefits of green energy exists in the U.S., as
evinced in the rising demand for rooftop panels from homeowners and businesses
in recent times. Consequently, financial markets have recognized renewable
energy as an immensely valuable asset. Notably, distributed solar alone has
secured almost $1 billion in third-party financing from Wall Street biggies in
the last few days.

Wells Fargo currently carries a Zacks Rank #3 (Hold). KeyCorp. (NYSE:KEY-Free
Report) is a better performing stock, which carries a Zacks Rank #2 (Buy).

Agnico-Eagle Downgraded to Strong Sell

Zacks Investment Research downgraded Agnico Eagle Mines Limited (NYSE:AEM-Free
Report) to Zacks Rank #5 (Strong Sell).

Why Downgraded?

Agnico-Eagle's earnings estimates and share prices witnessed a downward trend
after reporting disappointing first quarter 2013 results on Apr 25. Earnings
estimates for this Canada-based gold mining company have been on the downside
due to its high operating costs across a number of mines and a weak gold price
environment.

The company's adjusted earnings (excluding one-time items other than
stock-based compensation expenses) of 24 cents per share lagged the Zacks
Consensus Estimate by 10 cents. Profit for the first quarter slid roughly 70%
on lower gold prices and production as well as higher cash costs.

The company delivered negative earnings surprises in the last two quarters
with an average of 6.13% for the last four quarters. The company's long-term
estimated EPS growth rate is 2.3%. Shares of Agnico Eagle also attained a
52-week low on Jun 26 of $25.00.

Payable gold production declined in the quarter, mainly due to the suspension
of the Creston Mascota heap leach facility. While Agnico-Eagle achieved record
quarterly throughput at its Meadowbank mine in northern Canada, its Kittila
mine in northern Finland saw a decline in payable gold production in the
quarter. The company backed its production guidance for the full year

Moreover, one of Agnico-Eagle's main issues has been persistently high
operating costs across a number of mines. Total cash cost jumped around 25%
year over year in the first quarter, mainly due to lower by-product revenue at
LaRonde and lower grades at Meadowbank.

Agnico-Eagle raised its cash cost guidance for 2013 to a range of $735-$785
per ounce from earlier expectation of $700-$750 to reflect weak metals prices
and production changes at Goldex and Kittila mines. The company is exposed to
a weak gold price environment, which may continue to affect its bottom line.

The Zacks Consensus Estimate for 2013 has gone down 45% to 95 cents per share
as most estimates were revised lower over the last 60 days. Similarly, the
Zacks Consensus Estimate for 2014 has also decreased 21% to $1.63 per share.

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of
the Day pick for free.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative
analysis to help investors know what stocks to buy and which to sell for the
long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded
stocks. Our analysts are organized by industry which gives them keen insights
to developments that affect company profits and stock performance.
Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the
latest analysis from Zacks Equity Research. Subscribe to this free newsletter
today.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed
in 1978. The later formation of the Zacks Rank, a proprietary stock picking
system; continues to outperform the market by nearly a 3 to 1 margin. The best
way to unlock the profitable stock recommendations and market insights of
Zacks Investment Research is through our free daily email newsletter; Profit
from the Pros.  In short, it's your steady flow of Profitable ideas GUARANTEED
to be worth your time! Register for your free subscription to Profit from the
Pros.

Get the full Report on WFC - FREE

Get the full Report on SUNE - FREE

Get the full Report on JPM - FREE

Get the full Report on KEY - FREE

Get the full Report on AEM - FREE

Follow us on Twitter: http://twitter.com/zacksresearch

Join us on Facebook:
http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

Zacks Investment Research is under common control with affiliated entities
(including a broker-dealer and an investment adviser), which may engage in
transactions involving the foregoing securities for the clients of such
affiliates.

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com

http://www.zacks.com

Past performance is no guarantee of future results. Inherent in any investment
is the potential for loss. This material is being provided for informational
purposes only and nothing herein constitutes investment, legal, accounting or
tax advice, or a recommendation to buy, sell or hold a security. No
recommendation or advice is being given as to whether any investment is
suitable for a particular investor. It should not be assumed that any
investments in securities, companies, sectors or markets identified and
described were or will be profitable. All information is current as of the
date of herein and is subject to change without notice. Any views or opinions
expressed may not reflect those of the firm as a whole. Zacks Investment
Research does not engage in investment banking, market making or asset
management activities of any securities. These returns are from hypothetical
portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced
monthly with zero transaction costs. These are not the returns of actual
portfolios of stocks. The S&P 500 is an unmanaged index. Visit
http://www.zacks.com/performance for information about the performance numbers
displayed in this press release.

SOURCE Zacks Investment Research, Inc.

Website: http://www.zacks.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement