FP Trading Desk submits: After visiting Goldcorp Inc.'s (NYSE: GG) investor day presentation on April 12, UBS analyst Tony Lesiak believes the Vancouver-based miner is now set to "unearth significant value at its new and existing assets."

"Goldcorp appears to be poised for low-cost growth in the next five years which should be fully funded from existing cash flow and available debt capacity," he wrote in a note to clients.

Mr. Lesiak believes the exploration potential at a number Goldcorp's properties, including the Red Lake Mine, is underappreciated. And he's especially impressed with the potential for the Penasquito property in Mexico, which Goldcorp acquired when it bought Glamis Gold Ltd. However, the Glamis deal is still expected to be "significantly dilutive" to Goldcorp's earnings until Penasquito reaches full production, he wrote. That's expected in late 2009.

Mr. Lesiak maintained his "buy" rating on the stock and lifted his price target from US$36.50 a share to US$37.00. He uses a gold price estimate for 2007 of US$700 an ounce.