Canaccord Genuity analyst Tony Lesiak was out pounding the table on Goldcorp Inc (NYSE:GG) Tuesday, reiterating a Buy rating and raising the price target to C$36 (from C$35), to reflect the recent positive shift in the forward curve.

Lesiak wrote, “We are maintaining our BUY recommendation for Goldcorp; however, given the company’s strong outperformance and given our increasing concern as to the depth of the company’s pipeline, we have removed Goldcorp from our Focus List. We have modestly revised lower our target multiple. We look forward to further disclosure in the coming weeks (YE results Feb 19) and from the company’s investor day in April.”

The analyst added, “Our revised target price of C$36.00 is predicated on a 1.05x multiple (from 1.1x to reflect reduced growth) to our forward curve derived 5%/operating NAVPS estimate of C$35.65 (previously C$33.84) less net debt and other corporate adjustments.”

Goldcorp Inc. is engaged in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America.