UPDATE: Credit Suisse Upgrades Goldcorp Inc.

In a note released Wednesday, Credit Suisse analyst Anita Soni upgraded shares of Goldcorp Inc. (NYSE: GG) from Neutral to Outperform and raised the price target from $32 to $33.

Soni wrote, "Goldcorp is our preferred senior gold stock and the best positioned to weather a lower gold price environment."

As support for the upgrade, Soni cited the company's "strong" balance sheet, lower cost new mines, longer mine life and "superior" dividend yield. Additionally, Soni is looking for Goldcorp to produce the highest free cash flows among the senior gold producers by 2016.

Looking ahead, Soni raised her EPS estimate for 2015 and 2016 from $0.84 and $1.11 to $0.94 and $1.21, respectively.