Goldcorp Upgraded to $55.75From the Kinross Board:
Ridgeland, MS, JAN 22, 2008 (EventX/Knobias.com via COMTEX) -- AUY | news | PowerRating | PR Charts -- Since the mid-August when the FOMC rolled up its sleeves to provide liquidity to the market, the Philadelphia Gold & Silver Index (XAU) has soared as much as 65%. Today's the price of gold and the XAU are down 1.7% and 3.7% respectively. The dollar is mixed. It is trading higher vs. the euro but is slipping against the yen as deleveraging from the yen carry trade continues.
Credit Suisse dramatically raised its gold price forecast for 2008 and 2009. The firm now has the yellow metal at $950/oz, up from its prior view for $700/oz for 2008.
For 2009, Credit Suisse lifted its estimate to $1,035/oz from $750/oz.
+ ABX: Credit Suisse upped Barrick Gold to Outperform from Equal Weight today. The firm upped its target price for ABX to $59 from $43. Macquarie upped its price targets for a long list of miners including ABX, AGI, AEM, AUY, DGC, EGO, IAG, KGC & GG. -- AEM: Macquarie upped its target for Agnico-Eagle to C$68 from C$57.50. -- AUY: Macquarie upped its price target for Yamana Gold to C$19.50 from C$16.
-- GG: Macquarie upped its price target for GoldCorp to C$55.75 from C$50. --
KGC: Macquarie lifted its Kinross Gold target to C$23.50 from C$18.50.
-- DGC: Macquarie uppped its price target for Detour Gold to C$24 from C$9.50.