UPDATE: Credit Suisse Downgrades Goldcorp to Neutral, Lowers PT

In a report published Friday, Credit Suisse Group downgraded its rating on Goldcorp

from Outperform to Neutral, and lowered its price target from $58.00 to $45.00. Credit Suisse noted, “Target price revised to $45 (from $58), rating revised to Neutral (from Outperform). Credit Suisse target price is reduced on lower cash flow in 2013 and lower NAV based on revised estimates for Penasquito and PV, and on lower multiples (NAV and OpCFa) for GG based on lower near-term growth. We continue to see near-term headwinds for GG with a likely capex increase and a reduced production growth profile near term. GG shares have declined 19% since November 1, but have only underperformed the TSX Global Gold Index by 4%. We are concerned that the market does not fully understand Penasquito issues are twofold: static throughput and lower grades in 2013 and 2014.” Goldcorp closed on Thursday at $35.75.