FREEPORT-McMORAN COPPER AND GOLD (FCX $28.42, rated OVERWEIGHT, Target REDUCED to $53 from $60); JANUARY COPPER INVENTORY BUILDS AND PENDING SHAREHOLDER DILUTION PROMPTS REDUCED PRICE TARGET 2/6/2009
TECK CORP. (TCK US$4.02, rated Overweight) HOSTILE BID FOR PARTNER UTS ENERGY COULD INTRODUCE MORE MANAGEMENT TALENT, BETTER CAPITALIZED PARTNER OR A BID FOR TECK’S OIL SANDS ASSETS 2/5/2009
PLUM CREEK (PCL $31.65, rated Overweight raised from Neutral) RISK-REWARD TIPS FAVORABLE AS EV PER ACRE FALLS TO $946 WITH DEBT REPAYMENTS, SHARE REPOS AND CASH BUILDUP 2/4/2009
WORTHINGTON INDUSTRIES (WOR $17.36, Overweight Price Target to $24 from $18) STRONGER PROFITS DESPITE VERY WEAK UNDERLYING END MARKETS 1/8/2010
NEWMONT MINING (NEM $43.99, rating increased from Underweight to Neutral) NEM RATING INCREASED TO NEUTRAL DUE TO PRICE DECLINE TO OUR $45 PRICE TARGET 1/29/2010
MEADWESTVACO (MWV $24.54 rated Neutral; price target raised to $23 from $20) MARGIN IMPROVEMENT AND PRICE DEPRECIATION LEAD US TO MAINTAIN NEUTRAL RATING 1/29/2010
SPOTMARKETS CHINA’S ALUMINUM OUTPUT IN DECEMBER THE SECOND HIGHEST ON RECORD, THOUGH DOWN 3% FROM NOVEMBER 2009 RECORD 2/1/2010
FREEPORT-McMORAN COPPER AND GOLD (FCX $66.74, rated Overweight with $135 target cut from $192) PRICE TARGET ALTERNATIVES AT $2.88 = $93 OR $2.968 = $97 VERSUS OUR COPPER PRICE EST. = $135 TARGET 2/4/2010
WORTHINGTON INDUSTRIES (WOR $15.17, Overweight with $24 target) CONSOLIDATES TO 2 FROM 7 PURE PUBLICLY TRADED STEEL PROCESSORS 2/3/2010
FREEPORT-McMORAN COPPER AND GOLD (FCX $72.51, Overweight with Price Target cut to $135 from $192) DISCOUNT RATE INCREASED BY 3.03% DUE TO EVIDENCE OF HIGHER POLITICAL RISKS 2/3/2010