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Citi Says Goldcorp Shares Are Relatively Attractive, Initiates At Neutral

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Citigroup’s Alexander Hacking initiated Goldcorp Inc. (USA) (NYSE: GG) at Neutral with a $20 price target.

Hacking appreciated Goldcorp’s long-track record of delivering new mines into production and the new CEO’s effort to reduce costs giving more autonomy to local operations. However, the analyst criticized the company’s execution performance.

“The company has faced some execution problems, including the ramp-up at Éleonore and postponement of the Cochenour project. The recent acquisition of Kaminak looks relatively expensive for a non-producing asset, in our views," stated Hacking.

Related Link: Citi Analysts Initiate Barrick Gold At Buy: Lowest Cost, Highest Return

At time of writing, Goldcorp traded at $18.08.

Latest Ratings for GG

DateFirmActionFromTo
Apr 2019MaintainsHoldHold
Feb 2019DowngradesBuyNeutral
Jan 2019DowngradesBuyHold

View More Analyst Ratings for GG
View the Latest Analyst Ratings

Posted-In: Analyst Color Price Target Initiation Analyst Ratings

 

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