Shares of Agnico-Eagle Mines Ltd. declined in afternoon trading Tuesday after a CIBC World Markets analyst cut his rating on the Canadian gold producer, citing a possibility of an earnings miss ahead.

Shares fell $1.25, or 3.3 percent, to $36.57 on the New York Stock Exchange in afternoon trading. The stock has traded in a 52-week range between $25.49 and $45.67 and is up about 35 percent in the same period.

Barry Cooper in a client note cut his rating on Agnico to "Sector Performer" from "Sector Outperformer" but left his target price at $50.

"The downgrade is a result of share price appreciation coupled with our anticipation of an upcoming downward correction," wrote Cooper, who thinks lower zinc prices could trigger an earnings shortfall, leading to a correction. In addition, consensus Wall Street earnings estimates are probably too high, the analyst wrote.

Shares could slip to the $30 per share range, added Cooper.

The analyst still has high growth expectations for the company, due to its low operating costs and development pipeline.

"We believe any weakness in the share price should be considered a buying opportunity for exposure to increasing gold production and reserves," added Cooper.

On the New York Mercantile Exchange, gold futures for April delivery fell $1.40 to settle at $662.5 per ounce.