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Downgrade Alert for Goldcorp (GG)

By Shiri Gupta

Goldcorp (NYSE:GG) was downgraded from Buy to Hold at Desjardins today. The stock closed yesterday at $19.48 on volume of 8.3 million shares, below average daily volume of 9.1 million.

Goldcorp, Inc. is a North American gold producer. The Company has gold mining operations in the United States, Canada, Mexico, Brazil, Argentina, and Australia. Goldcorp owns the Red Lake mine in Ontario.

Based on a current price of $19.48, Goldcorp is currently 4.9% above its average consensus analyst price target of $18.53. The stock should find initial support at its 50-day moving average (MA) of $16.63 and further support at its 200-day MA of $13.87.

In the past 52 weeks, shares of Goldcorp have traded between a low of $9.46 and a high of $20.38 and closed yesterday at $19.48, which is 106% above that low price. The 200-day and 50-day moving averages have moved 0.70% higher and 1.72% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Goldcorp on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.61. Since that recommendation, shares of Goldcorp have risen 4.6%. We continue to monitor GG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Goldcorp

Ticker(s): GG