UPDATE: HSBC Upgrades Goldcorp on Positive Q3 EPS Forecast, Expected Price Declines
In a report published Monday, HSBC Global Research analyst Patrick Chidley upgraded the rating on Goldcorp (NYSE: GG) from Neutral to Overweight, but lowered the price target from $31.40 to $31.10.
In the report, HSBC Global Research noted, “We forecast Q3 adjusted EPS of USD0.19, up 32% q-o-q, as impact of lower gold, silver and other metals prices are offset by higher production and lower operating costs. We expect costs, on a per ounce basis at Goldcorp, to begin declining sequentially helped by higher production and the impact of cost cutting measures implemented over the last 2 quarters. We forecast Goldcorp's total by-product cash costs to be USD585/oz, driven down 10% from USD646/oz in Q2 mainly by lower estimated unit costs at Penasquito, Red Lake, Los Filos and Pueblo Viejo. Potential upwards price revisions for provisionally priced concentrate priced at the end of Q2 may result in slightly better price received and/or reported average cash costs.”
Goldcorp closed on Friday at $24.35.
Latest Ratings for GG
|Mar 2017||RBC Capital||Upgrades||Underperform||Sector Perform|
|Dec 2016||BMO Capital||Downgrades||Outperform||Market Perform|
|Oct 2016||Canaccord Genuity||Upgrades||Hold||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.