Brokers downgrade Goldcorp - but stock still highly rated

At least two brokerages downgraded miner Goldcorp Inc (GG.N:)(G.TO) and two...

At least two brokerages downgraded miner Goldcorp Inc (GG.N:)(G.TO) and two more cut their price targets on the stock, after the company gave 2009 production outlook below analyst expectations.BMO Capital Markets cut Goldcorp to "market perform" from "outperform" and RBC Capital Markets downgraded the company to "outperform" from "top pick.""The revised operating guidance has a negative impact on our short-term earnings per share and cash flow per share estimates for Goldcorp," RBC analyst Michael Curran wrote in a note to clients.On Thursday, Goldcorp Inc had said it had matched its 2008 gold production forecast and expects 2009 production of about 2.3 million ounces (moz) at a cost of $365 to $400 per ounce.BMO analyst David Haughton estimated production at 2.6 moz at $335 per ounce, while RBC’s Curran had forecast 2.7 moz at $365 per ounce."The reduced guidance allows the company to progress at a more conservative pace, but the slower-than-expected development plans adversely impact the outlook," BMO’s Haughton said in a note to clients.Additionally, Blackmont Research cut its price target on the stock to C$51 from C$54, but maintaind a "buy" rating on the stock. UBS cut its price target on the stock to $28 from $30, while maintaining a "neutral" rating.Shares of Goldcorp were down C$1.05 at C$32.54 on the Toronto Stock Exchange and fell 5 percent to $27.02 on the New York Stock Exchange in Friday morning trade.