Growth for Goldcorp (NYSE:GG) looks good over the near and long term, according to Barclays, who maintains their "Underweight" on the gold miner whil raising their price target.
Barclays said, "The company's growth profile continues to develop in both the near and long term. Over the next several months, Goldcorp anticipates to complete scoping studies at Cochenour and Noche Buena, environmental reviews at El Morro, and the pending acquisition of Andean Resources and the Cerro Negro project. With good cost control and a strengthening pipeline, we are increasing our earnings estimates over the next year and modestly upping our target price...While we appreciate the dividend increase, Goldcorp's 0.8% yield must rise further before we consider this a competitive yield play within mining."
Goldcorp closed Monday in New York at $44.37, losing $0.22, or 0.49 percent. Barclays raised their price target on them from $25 to $28.
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