UPDATE: J.P. Morgan Raises PT on Goldcorp to $68 (GG)

J.P. Morgan is out with its report today on Goldcorp GG, raising its PT from $60 to $68. In a note to clients, J.P. Morgan writes, "Applying a probability-weighted average gold price of $1,300/oz to the gold forward curve and based on our estimates of gold sales over the life of the known assets and the forecast cost structure, we calculate a Black-Scholes call option value and arrive at our Dec 2011 target price of $68 (previous target was $60)." J.P. Morgan maintains Overweight on GG. At the time of posting, shares of GG were trading at $54.41, up 1.28% from Monday's close.