Intrinsic Value Calculation for XYZ Corporation

XYZ Corporation is a mature company that has consistently paid dividends over the past 10 years. The company is currently trading at $60 per share and has just announced a dividend of $3.00 per share, expected to grow at a rate of 5% per year indefinitely. An analysis shows that the required rate of return for equity investors is 10%.

An analyst is tasked with estimating the intrinsic value of XYZ Corporation's stock using the Gordon Growth Model, which is a form of the Discounted Dividend Valuation method. Using this approach, what should be the estimated intrinsic value of the stock?