Wall Street ratings
Goldcorp (GG) reported a weaker-than-expected 2Q16, but it maintained its production and cost outlook. Now let’s look at Wall Street’s reaction after the company released its results.
Ratings compared to peers
Goldcorp has 44% “buy” recommendations from analysts, the same as Newmont Mining (NEM) and Yamana Gold (AUY). Agnico Eagle Mines (AEM) and Barrick Gold (ABX) have more “buys,” at 50% and 46%, respectively.
Note that analysts’ bullishness for Goldcorp has corrected sharply in the last half year. At the beginning of 2016, 83% of analysts rated Goldcorp as a “buy.” In response to Goldcorp’s disappointing three-year forward production guidance and operational issues, analysts have pared back their estimates and ratings.
Mackie Research raised Goldcorp’s stock from a “hold” to a “buy” after the company released its 2Q16 results. It has a target price of $21.2 on the stock.