GoldCorp upgraded to "buy"

03/08/06 - Research Capital

NEW YORK, March 8 (newratings.com) - Analysts at Research Capital upgrade GoldCorp Inc (GG) from "hold" to "buy." The target price has been raised from $30 to $35.

In a research note published yesterday, the analysts mention that the company has reported its 4Q05 EPS ahead of the consensus due to substantial production of copper from the Alumbrera and Peak mines. GoldCorp is acquiring Campbell Mine, Porcupine JV, Musselwhite JV, La Coipa and Pueblo Viejo project assets from ABX for approximately $1.485 billion, the analysts says. The company’s production is expected to rise from 1.14 Moz to 1.35 Moz in 2006, Research Capital adds.