Goldcorp's Stock Slumps After Credit Suisse Downgrade

Goldcorp Inc.'s stock slumped 1.2% in premarket trade Wednesday, after the gold miner was downgraded at Credit Suisse, which cited potential headwinds from a CEO transition and concerns over the production outlook. Analyst Anita Soni cut her rating to neutral, after being at outperform since September 2014. She lowered her stock price target to $14, which is 22% above Tuesday's closing price of $11.44, from $15.50. Soni said the transition to a new chief executive could create uncertainty about the strategy and the outlook for the company. The company said last month that CEO Chuck Jeannes will retire in April, and will be succeeded by David Garofalo, who is currently the CEO of HudBay Minerals Inc. . Soni said some production delays and grade declines could weigh on free cash flow this year. The stock has tumbled 30% over the past six months, while the Market Vectors Gold Miners ETF has shed 19% and the S&P 500 has lost 7.7%.