At a March 11 research note, analyst Anita Soni noted that CIBC lowered its price target on Goldcorp Inc. (G:TSX; GG:NYSE) into US$12 percent share in US$12.50 (present share price is roughly US$10.93) after adjusting its version on the major “to signify 2019 guidance, year-end outcome and technical reports. ”
Members or her of her household own securities of the following companies mentioned in the post: Not one. Members or her of her household are compensated by these companies discussed in this article: None.
2) The following firms mentioned in this post are equipping sponsors of Streetwise Reports: None. Click on here for significant disclosures about sponsor fees.
3) Comments and opinions expressed are those of the particular experts rather than of Streetwise Reports or its officers. The information provided above is for informational purposes only and isn’t a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Every reader is invited to talk to her or his individual financial pro and any action a reader takes as a result of information presented here is his or her own duty. By opening this site, each writer agrees and accepts to Streetwise Reports’ terms of usage and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports doesn’t leave specific or general investment information and the information on Streetwise Reports should not be thought of as a recommendation to purchase or sell any security. Streetwise Reports doesn’t support or recommend the company, goods, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of the families, in addition to persons interviewed for interviews and articles on the site, might have a long or short position in securities mentioned. Directors, officers, employees or associates of the immediate families are prohibited from making purchases or earnings of those securities in the open market or otherwise from the time of their meeting or the choice to compose an article until three business days following the publication of this interview or article. The foregoing prohibition does not apply to articles that in material only restate previously published company releases. As of this date of this article, officers or employees of Streetwise Reports LLC (such as members of the household) own reports of Goldcorp, a business discussed in this article.
Every CIBC World Markets Corp./ / Inc. research analyst named on the front page of the research report, or at the start of almost any subsection hereof, hereby certifies that (I) the opinions and recommendations expressed herein accurately reflect such research analyst’s private views about the business and securities which are the subject of the report and all other companies and securities discussed in this report that are covered by such research analyst and (ii) no portion of the research analyst’s compensation has been, is, or will be, either directly or indirectly, associated with the specific recommendations or opinions expressed by such research analyst in this report.
CIBC expects Goldcorp shares to become range-bound “awaiting the final outcome of the proposed acquisition by Newmont. ”
Resource: Streetwise Reports 03/14/2019
Advances analysts employed by CIBC World Markets Corp./Inc. are paid from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon earnings from specific investment banking transactions. CIBC World Markets Corp./ / Inc. generally prohibits any research analyst along with any member of their family from executing trades in the securities of a business that this research analyst covers. Furthermore, CIBC World Markets Corp./ / Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.
In addition to 1% ownership positions in covered companies that are needed to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a lengthy standing of less than 1% or a short position or deal as principal in the securities mentioned herein, related securities or in options, futures or other derivative instruments based thereon.
Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts might not be connected persons of CIBC World Markets Corp. and consequently may not be subject to FINRA Rule 2241 restrictions on communications using a subject company, public looks and trading securities held by a research adviser account.
By The Gold Report
The consequence of CIBC’s new financial model on the gold miner lowered the net current value 5 percent (NPV5) by roughly 4 percent. As such, the lender trimmed its target price on Goldcorp. It does, however, keep its Neutral evaluation.
A CIBC report resisted the revisions and noticed their cumulative impact.
A second model revision included raising prices and all-in sustaining price (AISC) to $503 per oz ($503/oz) and $886/oz, respectively, up from $490/oz and $858/oz. Spurring this change, Soni suggested, were actual Q4/18 figures, 2019 guidance and recently got technical reports on Éléonore and Red Lake. CIBC’s new quotes are greater than Goldcorp’s projected ranges of 400 –500/oz for real expenses and $750–850/oz for AISC.
Recipients of the report are advised that any or all the foregoing arrangements, in addition to more specific disclosures set forth below, will sometimes give rise to possible conflicts of interest.
In one, the analyst uttered, CIBC lowered its estimated 2019 total production to 2.279 million oz (2.279 Moz) from 2.324 Moz because of Goldcorp planning to lower output in Cerro Negro, Musselwhite and Porcupine. CIBC’s corrected figure nevertheless falls over the miner’therefore advice of 2.2–2.4 Moz of production in 2019.
Third, CIBC raised its 2019 capex quote on Goldcorp, to $936 million in $803 million to reflect increases at Cerro Negro and Peñasquito, Soni clarified. Unlike the previous, the newest dollar number falls over Goldcorp’s advice of $865–975 million.
Disclosures out of CIBC, Goldcorp Inc., March 11, 2019
Soni noted CIBC made three modifications to its standalone version of Goldcorp and explained what they had been.
CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own1percent or even more of a class of equity securities issued by Goldcorp Inc..