TD Newcrest Downgrades Goldcorp (GG) to Buy; Setback at Penasquito

TD Newcrest downgraded Goldcorp (NYSE: GG) from Action List Buy to Buy with a price target of $68, lowered from $70.

TD analyst says, "While quarterly financial results were effectively in line with
our expectations, Penasquito experienced several challenges during the quarter that will set back the realization of design throughput of 130ktpd to Q1/12, or three quarters later than planned. The mine is facing two issues: 1) The SAG mills are not producing enough oversized material (pebbles) to allow the high pressure grinding rolls (HPGR) to operate at full capacity and 2) the operation has been unable to generate enough reclaim water from tailings to allow the plant to run at full capacity."

For more ratings news on Goldcorp click here and for the rating history of Goldcorp click here.

Shares of Goldcorp closed at $50.90 yesterday.

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