Goldcorp Receives a Buy from TD Securities

By Carrie Williams

TD Securities analyst Greg Barnes reiterated a Buy rating on Goldcorp (NYSE: GG) yesterday. The company’s shares closed yesterday at $13.20, close to its 52-week low of $11.91.

Barnes observed:

“We are resuming coverage of Goldcorp after being restricted since March 28.”

According to TipRanks.com, Barnes is ranked 0 out of 5 stars with an average return of -7.4% and a 26.0% success rate. Barnes covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, Teck Resources Limited, and Hudbay Minerals Inc.

Goldcorp has an analyst consensus of Moderate Buy, with a price target consensus of $16.13.

Based on Goldcorp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $882 million and quarterly net profit of $170 million. In comparison, last year the company earned revenue of $944 million and had a net profit of $80 million.

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Goldcorp, Inc. engages in exploration of gold and other minerals. It operates through the following segments: Red Lake, Porcupine, and Peñasquito. It also has interests in the Cochenour and Borden projects in Canada and the Camino Rojo project in Mexico. The company was founded by Robert Ross McEwen in 1986 and is headquartered in Vancouver, Canada.