"We have taken the opportunity to refine our valuation of Penasquito (lower gold, silver recoveries offset largely by lower site costs/ton) and Los Filos (increased our 2010+ recovery assumption to 60% from 58%). Our target price has improved with the adoption of our revised US$17.00/oz peak silver scenario for target price setting and a slightly higher target multiple.

The impact of lower recoveries at Penasquito is offset by lower site costs at the same mine and higher recoveries at Los Filos. Our target price has been increased to US$40 (from US$36.50) due to an increase in our silver price used to define equity target prices to US$17.00/oz from our previous assumption based on our long-term deck of $14/oz. Our 5%/$1,100 peak gold/$17 peak silver NAV has increased to US$22.96 from US$22.19, to which we apply a revised target multiple of 1.75 times (1.65 times previously). We continue to rate Goldcorp's shares a HOLD based on relative valuation."
    -STEVEN BUTLER,   CANACCORD ADAMS (06/01/09)

"In the gold sector, we've recommend Miranda Gold Corp. (MAD:TSX-V) , San Gold Corporation (TSX.V:SGR) and Bravo Venture Group Inc. (TSX.V:BVG) . We also like Clifton Star Resources Inc. (TSX.V:CFO), and Canplats Resources Corp. (TSX.V:CPQ) in Mexico. Those are some of our preferred juniors. Our top seniors other than Hecla would be Agnico-Eagle Mines (TSX:AEM) and the other, of course, would be Goldcorp Inc. (NYSE:GG, TSX:G) , which is the Cadillac. Those would be our top three selections for the big boys." Read Full Article
    -   The Gold Report Interview with Roger Wiegand (05/19/09)

"Goldcorp reported much better-than-expected Q1/09 results as adjusted EPS of $0.23 surpassed our estimate (and consensus) of $0.13. Production and lower costs ($0.04) and a much lower effective tax rate of 13% versus our estimate of 40% ($0.06) were attributable for the variance to our estimates. Production was 616,500 oz (commercial production of 600,100 oz) at $288/oz versus our estimate of 552,000 oz at $359/oz (net of copper credits). The variance was due to higher production, higher realized copper price and lower royalties at Alumbrera, and higher production grades at El Sauzal and Porcupine.

Our 2009 production estimate has been revised to 2.313 Moz at cash costs of $338/oz (from 2.265 Moz at $359/oz) primarily reflecting the higher production and lower costs in Q1. Our 2009 EPS estimate has increased to $0.79 (from $0.64) reflecting the outperformance this quarter and a lower effective tax rate going forward.

Our 5%/$1,100 peak gold NAVPS has increased moderately by 2% to $22.19 (from $21.80). Our target increased to US$36.50 (from US$36.00) and reflects a 1.65x multiple to our 5%/peak gold NAVPS. We maintained our HOLD rating on Goldcorp."
    -STEVEN BUTLER,   CANACCORD ADAMS (05/11/09)

"Goldcorp is forecasting 2009 production of 2.3 million ounces at a cash cost of US$365 per ounce (by-product basis). The company has an industry-leading five-year growth profile driven by new mine construction including Penasquito, Red Lake, Pueblo Viejo (40%) and the Musselwhite expansion. The company's capex budget for 2009 is US$1.4 billion and the current development pipeline is expected to boost production to 3.5 million ounces by 2013."
    -THE ROC TEAM,   HAYWOOD SECURITIES (05/04/09)

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