(BHP $38.27, rated Overweight, Target price REDUCED to $60 from $90); SIGNIFICANT CHANGES TO OUR MODEL FROM LOWER COMMODITY PRICES, LOWER VOLUME FORECASTS, AND LOWER ESTIMATED OPERATING COSTS AND CAPITAL EXPENDITURES 10/31/2008
ANGLOGOLD ASHANTI (AU $18.28, rated Underweight) INVESTMENT OUTLOOK LOWERED TO UNDERWEIGHT AS LIQUIDITY ISSUES COME TO A HEAD 10/31/2008
ALLEGHENY TECHNOLOGIES (ATI $22.99, rated Overweight with Price Target $72) SIDESTEPPING PITFALLS OF BOEING STRIKE, INPUT PRICE COLLAPSES AND SEVERE GLOBAL RECESSION 10/22/2008
ALUMINA LTD. (AWC $6.79, target $9); REDUCING EPS ESTIMATES ON LOWER FORECAST FOR ALUMINUM AND ALUMINA PRICING; RATING CHANGED TO NEUTRAL FROM UNDERWEIGHT GIVEN 25% DISCOUNT TO OUR NEW TARGET PRICE OF $9 DOWN FROM $11 AND POTENTIAL FOR FAVORABLE …
ABITIBIBOWATER (ABH $3.90, rated Neutral) RATING RAISED TO NEUTRAL OWING TO COST SAVING REALIZATIONS AND FUTURE COST SAVING OPPORTUNITIES 10/2/2008
ALCOA (AA $14.71, rated Neutral) SUSPENSION OF SHARE REPURCHASES UNDERSCORES COMPETITIVE THREATS; PRICE TARGET LOWERED TO $24 10/9/2008
BANK BAILOUT, WEAK DOLLAR AND STRONG PRECIOUS METALS RAISE SOME HOPES; WORLD SLOWDOWN SLAMS STEEL AND ALUMINUM HARD 9/29/2008
WORTHINGTON INDUSTRIES (WOR $16.58, rated OVERWEIGHT) FISCAL 2009 ESTIMATE CUT TO REFLECT ESTIMATED PLUNGE TO $600 HOT-ROLLED, WHILE SUCCEEDING YEARS RAISED DUE TO RECORD CYLINDER AND SUSPENDED CEILING RESULTS AND COST CONTAINMENT PROGRAMS 9/24/2008
ALCOA (AA $25.62, rated Neutral) PRICE TARGET CUT TO $30 FROM $36, 2008- 2009 ESTIMATES CUT DUE TO OVERSUPPLY AND POST-2010 RAISED OWING TO BETTER CURRENCY AND LOWER ENERGY INPUTS 9/24/2008
ALUMINUM INDUSTRY – – “TRAIN WRECK” SCENARIO REQUIRES MULTIGOVERNMENTAL GLOBAL OUTPUT CUT ACCORD SIMILAR TO 1994 9/24/2008