* Shares down 5.6 percent as results, guidance disappoint
* Analyst lowers rating, target (In U.S. dollars, unless noted)
TORONTO, Oct 29 (Reuters) - Agnico-Eagle Mines (AEM.TO) shares dropped 5.6 percent on Thursday after the gold miner reported a disappointing profit and cut its production guidance, prompting at least one analyst to cut his rating on the stock.
Agnico blamed problems ramping up its recently opened mines in Quebec and Finland for the results, which it released after markets closed on Wednesday.
The Toronto-based company earned an adjusted profit of 3 cents a share in the third quarter, which missed analysts expectations of 20 cents a share, as polled by Thomson Reuters I/B/E/S.
Agnico cut its full-year 2009 production guidance to 500,000 ounces from its previous range of 550,000 to 575,000, and reduced its 2010 expectation to a range of 1 million to 1.1 million ounces, compared with 1.2 million ounces.
Blackmont Capital analyst Richard Gray cut his rating on the stock to “sector perform” from “outperform” and slashed his 12-month price target to C$75 from C$84 due to risks associated with Agnico’s new mines and the stock’s high valuation.
About an hour into trading, the stock was down C$3.70 at C$62.40 on the Toronto Stock Exchange.
Agnico operates three mines in Quebec — its flagship La Ronde mine, and the recently opened Lapa and Goldex mines — as well as the Kittila mine in Finland and the Pinos Altos mine in Mexico, which produced its first gold in July.
It is developing the Meadowbank deposit in the northern Canadian territory of Nunavut, which is expected to begin production next year.
$1=$1.07 Canadian Reporting by Cameron French; editing by Rob Wilson