UPDATE: HSBC Global Research Downgrades Goldcorp on Recent Setbacks

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In a report published Tuesday, HSBC Global Research analyst Patrick Chidley downgraded the rating on

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GoldcorpGG) from Overweight to Neutral, and lowered the price target from $31.10 to $30.00.In the report, HSBC Global Research noted, “Although Goldcorp reported strong Q3 results and the impact of cost cutting measures on the bottom line is becoming evident, the Cerro Negro delay and capex blow-out is clearly a setback. The project delay and subsequent capex increase, offset somewhat by positive advances on the operating front at several mines, have led to a slight cut in our valuation for GG and we reduce our TP to USD30 from USD31.10. The net effect of GG shares climbing c11% in the last two weeks and the decline in our TP is that a potential return now lies within the Neutral (V) band and, hence, we downgrade our rating of Goldcorp shares to Neutral (V).”Goldcorp closed on Monday at $27.20.