GOLDCORP (GG $47.16, Rating reduced to Underweight from Neutral) CERRO NEGRO NEGATIVE NPV SHOWS GOLDCORP OVERPAID ON CONSERVATIVE METRICS; EL MORRO NEGATIVE NPV IMPLIES GOLDCORP SHOULD NOT BUILD THE PROJECT, GG BETTER OF IF ABX WINS EL MORRO LAWSUIT, NEW GOLD PAYOUT MINIMAL; PRICE TARGET CUT TO $32 FROM 2/9/2012

GOLDCORP (GG $47.16, Rating reduced to Underweight from Neutral) CERRO
NEGRO NEGATIVE NPV SHOWS GOLDCORP OVERPAID ON CONSERVATIVE
METRICS; EL MORRO NEGATIVE NPV IMPLIES GOLDCORP SHOULD NOT
BUILD THE PROJECT, GG BETTER OF IF ABX WINS EL MORRO LAWSUIT,
NEW GOLD PAYOUT MINIMAL; PRICE TARGET CUT TO $32 FROM 2/9/2012