Some Traders Are Very Bullish on Goldcorp Inc. After Today’s Gap Up

 Some Traders Are Very Bullish on Goldcorp Inc. After Today's Gap Up

The stock of Goldcorp Inc. (TSE:G) gapped up by $0.27 today and has $27.51 target or 32.00% above today’s $20.84 share price. The 8 months technical chart setup indicates low risk for the $17.76 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $27.51 price target is reached, the company will be worth $5.68B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.50M shares traded hands. Goldcorp Inc. (TSE:G) has declined 8.05% since April 5, 2016 and is downtrending. It has underperformed by 12.83% the S&P500.

Goldcorp Inc. (TSE:G) Ratings Coverage

Out of 7 analysts covering Goldcorp Inc. (TSE:G), 5 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 71% are positive. $78.0 is the highest target while $19.50 is the lowest. The $33.50 average target is 60.75% above today’s ($20.84) stock price. Goldcorp Inc. has been the topic of 16 analyst reports since July 31, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of G in a report on Thursday, February 25 with “Sector Perform” rating. RBC Capital Markets maintained the shares of G in a report on Thursday, February 4 with “Sector Perform” rating. Barrington Research maintained Goldcorp Inc. (TSE:G) on Thursday, September 3 with “Outperform” rating. The company was upgraded on Wednesday, December 16 by Sidoti. The company was initiated on Thursday, February 4 by JP Morgan. The firm has “Hold” rating given on Friday, July 22 by TD Securities. The stock has “Underperform” rating given by RBC Capital Markets on Tuesday, October 25. Canaccord Genuity upgraded it to “Buy” rating and $25 target price in Monday, October 24 report. The firm has “Sector Perform” rating given on Monday, October 26 by RBC Capital Markets. As per Tuesday, August 4, the company rating was upgraded by Mackie.

More news for Goldcorp Inc. (TSE:G) were recently published by: Seekingalpha.com, which released: “Goldcorp: What A Difference A Quarter Makes” on November 08, 2016. Fool.ca‘s article titled: “Gold Back Above US$1300: Should You Buy Goldcorp Inc.?” and published on November 02, 2016 is yet another important article.

Goldcorp Inc. is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The company has a market cap of $17.76 billion. The Firm is engaged in the sale of gold, silver, lead, zinc and copper. It currently has negative earnings. The Company’s divisions include Red Lake Gold Mines Ontario Partnership , Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo).

G.TO Company Profile

Goldcorp Inc., incorporated on December 1, 2006, is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Firm is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s principal producing mining properties consist of the Red Lake, Porcupine, Musselwhite and Eleonore gold mines in Canada; the Penasquito gold/silver/lead/zinc mine and the Los Filos gold mine in Mexico; the Marlin gold/silver mine in Guatemala; the Cerro Negro gold/silver mine and the Alumbrera gold/copper mine in Argentina, and the Pueblo Viejo gold/silver/copper mine in the Dominican Republic. The Company’s divisions include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo).

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