UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Goldcorp

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

, but lowered its price target from $45.00 to $41.00. Credit Suisse noted, “The most notable successful execution of that strategy in 2012 was AEM. However, GG's guidance range is not a totally de-risked scenario. 2.55Mozs flat likely would have been, but a 2.55-2.8Mozs range (with some investors expecting closer to 2.8Mozs) is not. We think guidance is reasonable, with downside risk at MW, PCP and PV. Penasquito is appropriate given the grade and water challenges. We see upside at Wharf and El Sauzal, which continue to beat modest expectations. Combined we see a 2.65-2.70Mozs range as the most likely scenario.” Goldcorp closed on Thursday at $37.28.