Deutsche Bank Has $60 Target On Goldcorp

Deutsche Bank has a $60 price target and a Buy rating on shares of Goldcorp GG. In a note to clients, Deutsche Bank writes, "Goldcorp highlighted during its presentation that "it is a gold company and will remain such" and does not expect to diversify into copper or any precious metals (i.e., silver, palladium or platinum) other than via by-product credits. Company also provided compelling evidence of share price outper- formance (+892%) vs gold prices (+480%) over the past 10 years, likely the only gold major that can claim that. Further, 1Q11 data vs 1Q10 denoted clear operating leverage to gold, revenues were up 69%, operating cash flow +108%, adj. earnings +150%, whereas gold prices were up 26%. Goldcorp has differentiated itself given its high quality asset base, aggressive portfolio management (acquiring value-enhancing assets and disposing non-core properties) and execution. Maintain Buy." Shares of GG closed at $47.08 yesterday.