UBS Lifts Target on Goldcorp (GG) Following Q3
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Price: $11.19 --0%
Rating Summary:
9 Buy, 14 Hold, 0 Sell
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Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
Rating Summary:
9 Buy, 14 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
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UBS reiterated its Buy rating and raised its price target on Goldcorp (NYSE: GG) from $54 to $58 following Q3 results.
The firm comments, "During the quarter GG produced 592.5Kozs of gold at a by-product cash cost of $220/oz, mater ially lower than the annual cash cost range of $310-340/oz. Results were helped by record production at Penasquito despite water shortages, improved operations at Red Lake following the completion of de-stressing work, the resumption of Alumbrera shipments and sequentially
higher realized prices."
Goldcorp has reiterated its 2012 production guidance at 2.35-2.45Mozs, the firm also notes. Cash cost guidance has also been maintained at $310-$340/oz on a by-product basis and $625-$650/oz on a co-product basis.
"Of note, after experiencing production issues at Red Lake earlier in the year due
to inconsistent mineralization in the Footwall Zone and adverse ground conditions that delayed access to the High Grade Zone, operations have improved and GG has confirmed the extension of the High Grade Zone at depth, encountered additional high grade intercepts and found a new zone."
Over the next 5 years, GG expects to increase production by about 70% to 4.2Moz.
For an analyst ratings summary and ratings history on Goldcorp click here. For more ratings news on Goldcorp click here.
Shares of Goldcorp closed at $43.82 yesterday.
The firm comments, "During the quarter GG produced 592.5Kozs of gold at a by-product cash cost of $220/oz, mater ially lower than the annual cash cost range of $310-340/oz. Results were helped by record production at Penasquito despite water shortages, improved operations at Red Lake following the completion of de-stressing work, the resumption of Alumbrera shipments and sequentially
higher realized prices."
Goldcorp has reiterated its 2012 production guidance at 2.35-2.45Mozs, the firm also notes. Cash cost guidance has also been maintained at $310-$340/oz on a by-product basis and $625-$650/oz on a co-product basis.
"Of note, after experiencing production issues at Red Lake earlier in the year due
to inconsistent mineralization in the Footwall Zone and adverse ground conditions that delayed access to the High Grade Zone, operations have improved and GG has confirmed the extension of the High Grade Zone at depth, encountered additional high grade intercepts and found a new zone."
Over the next 5 years, GG expects to increase production by about 70% to 4.2Moz.
For an analyst ratings summary and ratings history on Goldcorp click here. For more ratings news on Goldcorp click here.
Shares of Goldcorp closed at $43.82 yesterday.
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