Goldcorp production outlook misses, shares sink

Shares of Goldcorp Inc. fell Friday as previously announced production expectations...

Shares of Goldcorp Inc. fell Friday as previously announced production expectations missed Wall Street estimates.This comes just one day after the company reported fourth-quarter gold production in line with earlier estimates and plans to grow production 50 percent over the next 5 years.Thomas Weisel Partners analyst Heather Douglas called the growth expectations "more subdued" as the company scaled back its 2009 to 2013 production outlook by about 5 percent below the analyst’s previous forecast.RBC Capital Markets analyst Michael Curran said that while fourth-quarter production results of 2.3 million ounces beat Curran’s estimates, 2009’s flat outlook of 2.3 million ounces falls short of the 2.7 million ounces RBC had forecast.Curran said he believes Goldcorp shares can continue to outperform many in its peer group based on a positive outlook for gold prices in the short-term. But Curran still removed the company as a "Top Pick," which represents the best companies in the "Outperform" category, due to RBC’s reduced short-term profit and cash flow estimates. Goldcorp is rated "Outperform" by RBC.Goldcorp shares fell 4.3 percent, or $1.22, to close at $27.14. The 52-week share price range is between $13.84 and $52.65.