INTERNATIONAL PAPER (IP $18.74, rating lowered to Neutral from Overweight) RATING REDUCED TO NEUTRAL AS STOCK PRICE NEAR OUR TARGET AND NON-CONTAINERBOARD END MARKETS STAGNANT 7/30/2009
FREEPORT-McMORAN COPPER AND GOLD (FCX $58.78, upgraded back to Overweight from Underweight) HIGHER PRICES PERMIT ZERO NET DEBT AT YEAR-END 2012, “DE-RISKING” TO PERMIT $2.00+ DIVIDEND IN 2012 7/22/2009
GOLD INDUSTRY- -MAJOR GOLD MINE VALUATIONS AVERAGE $320 PER OZ AND MERGER TRANSACTIONS RANGE FROM $58 TO $394 PER OZ 7/15/2009
ANGLOGOLD ASHANTI (AU $34.10, rated Neutral) DEBT PLACEMENT AND HIGHER GOLD PRICE ESTIMATE LEAD TO PRICE TARGET INCREASE TO $33 7/8/2009
ALLEGHENY TECHNOLOGIES (ATI $28.50, rated Overweight, Price Target $50) COMPETITOR MAY NOT MATERIALIZE AS STAINLESS REBOUNDS; BOEING 787 SOLUTIONS MAY USE MORE TI AND NI 7/23/2009
AGNICO-EAGLE MINES (AEM $55.95, Rated Neutral with $55 Price Target) CONTINUES TO RECEIVE “SUCCESS PREMIUM” AS 25 DRILLS FOR 260 TO 265 KM OF NEW DATA PLANNED THIS YEAR FOR FINLAND, NUNAVUT AND MX 7/31/2009
AGNICO-EAGLE MINES (AEM $53.74, Rated Neutral with $55 Price Target) CONTINUES TO RECEIVE “SUCCESS PREMIUM” 7/2/2009
ALCOA (AA $10.14, rated Unattractive, price target $7) ANALYSIS OF “OTHER COMPREHENSIVE INCOME” ACCOUNT SUGGESTS UPSIDES TO TANGIBLE BOOK VALUE 7/15/2009
ALCOA (AA $9.46, rated Unattractive though price target raised to $7) IMPLEMENTS RAPID COST CUTS TO STEM LOSSES; GLOBAL DEMANDSUPPLY BALANCE AND GLOBAL COST-DRIVER “HEADWINDS” 7/9/2009
LOUISIANA-PACIFIC (LPX $3.43, rating raised to neutral, price target raised to $3) RECENT OSB PRICE UPTURN DOES NOT FOLLOW NORMAL SEASONALITY AND IMPLIES RESTOCKING, REMODELING AND POTENTIAL UPSHIFT IN OSB USE 7/1/2009