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[QUOTE]Originally posted by Happy Valley: [QB] TD Securities Sees 80% Upside in Goldcorp (GG), Raises to 'Action List Buy' June 23, 2015 7:34 AM TD Securities upgraded Goldcorp (NYSE: GG) from Buy to Action List Buy with a price target of $29, suggesting upside of over 80%. Analyst Greg Barnes called the company as a standout among the senior gold producers given near term growth, a healthy balance sheet, and relatively low geopolitical risk profile. "Following the recent strengthening of Goldcorp’s balance sheet (increase and extension of the company’s credit facility and the sale of its C$1 billion stake in Tahoe Resources), combined with share price underperformance, we are raising our recommendation to ACTION LIST BUY (from Buy)," said Barnes. "In the current environment, investors are placing a premium on gold equities that are generating free cash flow, reducing debt, growing production, and lowering capex and operating costs. Goldcorp has been, is, or soon will be, doing all of these things, in our opinion. We believe that investors have become too focused, in the case of Goldcorp, on what has happened over the past several years and are not focused enough on what will happen over the next 12 months. In our view, it is time to put away the rear-view mirror," continued the analyst. Barnes added, "For the past several years, Agnico-Eagle has been Goldcorp’s closest peer among the senior gold producers in terms of valuation. But the valuation gap has widened since the release of Q1/15 results as investors have worried about Goldcorp’s balance sheet and production guidance. Goldcorp is now trading at a ~0.3x NAV multiple discount and a 1.5x EV/2016 EBITDA multiple discount relative to Agnico — we believe that the valuation gap will narrow as Goldcorp delivers growing production and free cash flow over the next 12 months." For an analyst ratings summary and ratings history on Goldcorp click here. For more ratings news on Goldcorp click here. http://www.streetinsider.com/dr/news.php?id=10671265 [/QB][/QUOTE]
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