ANGLO AMERICAN (AAUKY $19.50, Rated Overweight) MET COAL AND IRON ORE PRICES, OUTPUT GAINS AT KUMBA AND LOWER COST EXPECTATIONS FOR BARRO ALTO NICKEL DRIVE IMPROVED EARNINGS FORECAST, BUT WE APPLY LOWER TERMINAL GROWTH AND HIGHER CAP EX TO HOLD PRICE TARGET TO $27 PER ADR 3/5/2010
ANGLO AMERICAN (AAUKY $19.50, Rated Overweight) MET COAL AND IRON
ORE PRICES, OUTPUT GAINS AT KUMBA AND LOWER COST EXPECTATIONS
FOR BARRO ALTO NICKEL DRIVE IMPROVED EARNINGS FORECAST, BUT
WE APPLY LOWER TERMINAL GROWTH AND HIGHER CAP EX TO HOLD
PRICE TARGET TO $27 PER ADR 3/5/2010