WEYERHAEUSER (WY $26.66, Underweight) POOR EXPECTATIONS FOR ALL SEGMENTS, INCLUDING NOW TIMBERLANDS AND CELLLOSE FIBERS TOO, SEGMENTS REINFORCE UNDERWEIGHT RATING; PRICE TARGET CUT TO $23 2/13/2009
RIO TINTO (RTP, $110.61, OVERWEIGHT rating maintained); IMPROVED IRON ORE DATA AND ABSENCE OF NEAR-TERM LIQUIDITY CONCERNS MEANS A SHALLOWER “TROUGH”, BUT RECENT DEALS AND ALUMINUM OVERSUPPLIES WILL DILUTE THE RECOVERY 2/22/2009
INTERNATIONAL PAPER (IP $6.89, Overweight) IP’S STOCK UNDERVALUED DUE TO DEBT ISSUES THAT MAY NEVER FULLY MATERIALIZE 2/16/2009
ANGLOGOLD ASHANTI (AU $30.22, raised to Neutral from Underweight) PRICE TARGET RAISED TO $27 AS AU MAKES GREAT STRIDES TO INCREASE LIQUIDITY 2/13/2009
RIO TINTO (RTP $111.89, rated OVERWEIGHT) CHINALCO TERMS PLEASE US 2/13/2009
ALUMINA LTD. (AWC $3.21, rated Neutral, Target REDUCED to $5 from $9); DISMAL OUTLOOK FOR ALUMINA PROMPTS LARGE EARNINGS ESTIMATE AND TARGET PRICE CUTS 2/10/2009
COPPER INDUSTRY — LOWER M&A TRANSACTION VALUES IN DOWNTURN 2/10/2009
SPOTMARKETS CHINESE SEE NO “SPRING BACK” AFTER LUNAR NEW YEAR, WHILE LME INVENTORY BUILDUP CONTINUES AT MODERATE RATE 2/9/2009
DOMTAR (UFS $1.19, Overweight) LOWER DEMAND AND PLUMMETING PULP PRICE LEAD TO LOWER EARNINGS ESTIMATES. DEBT MATURITIES CAN BE MET 2/6/2009
NEWMONT MINING (NEM $40.91, target price cut to $50 from $74 and rating to Neutral from Overweight) ISSUES $1.8 BILLION IN EQUITY TO BUY ONE-THIRD OF BODDINGTON 2/6/2009