The Globe and Mail reports in its Friday, April 21, edition that mining analysts at Stifel warn first quarter production results from gold miners are likely to display the "lightest" production of the year after a "strong finish" to last year, reflecting "mining sequencing, planned mill maintenance, and in some case, seasonality." The Globe's David Leeder writes in the Eye On Equities column that the Stifel stockpickers added: "Given that inflation is still here, we expect cash costs to remain elevated in [first quarter,] further compounded by lower expected quarterly production. However, increased gold prices are signaling better margins." Accordingly, the Stifel analysts raised their share target for Agnico Eagle Mines, which they continue to rate "buy," to $91 from $89. Analysts on average target the shares at $80.95. The Stifel analysts say in a note: "Gold equities have rallied and valuation multiples have moved up -- particularly for the senior/intermediate producers and the royalty/streamingcos. Gold equities outperforming the underlying metal, and overall now showing some nice share year-to-date returns. ... Individual stocks that have higher torque to metal price increases have seen strong moves."