Citi Says Goldcorp Shares Are Relatively Attractive, Initiates At Neutral

Citigroup’s Alexander Hacking initiated Goldcorp Inc. (USA) 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.

At time of writing, Goldcorp traded at $18.08.