INTERNATIONAL PAPER (IP $22.15, rated Neutral) CONCERNS ABOUT PRICE HIKE SUCCESS, LOWER EXPORTS, AND HIGHER INPUT COSTS LEADS TO PRICE TARGET REDUCTION 2/4/2010
CHALCO’S ALUMINUM MARKET FORECAST OF 23% CHINESE 2010 DEMAND GROWTH; HISTORY OF U.S. STEEL SHIPMENTS, IMPORTS AND EXPORTS 2/7/2010
TEMPLE-INLAND (TIN $16.97, rated OVERWEIGHT) WE MODEL CONTAINERBOARD AND LUMBER PRICES CAUTIOUSLY 2/10/2010
HIGHER THAN EXPECTED IRON ORE AND MET COAL PRICES TO BENEFIT SIX MAJOR DIVERSIFIED MINES 2/15/2010
JANUARY WORLD STEEL AND ALUMINUM OUTPUTS < EXPECTED; FEB. LME INVENTORY DECLINES < EXPECTED 2/22/2010
FREEPORT-McMORAN COPPER AND GOLD (FCX $76.60, rated Overweight with $142 target raised from $135) DETAILED LOOK AT MID-2015 GRASBERG TRANSITION TO UNDERGROUND SUGGESTS RETURN TO 240,000 MTPD OUTPUT AS RIO TINTO EARNS 40% STAKE IN 1/2022; HIGHEST GRADES AND OUTPUT …
DOMTAR (UFS $50.19, Overweight) FUTURE CASH FLOWS STILL ROBUST DESPITE POOR CONSUMPTION, LOW CAP EX AND NO MORE FUEL CREDITS 2/7/2010
ANGLOGOLD ASHANTI (AU $40.25, rating lowered to Underweight from Overweight) POOR OUTLOOK FOR RESERVE GAINS, COST INCREASES AND VALUATION OF PEER “AFRICAN BARRICK” LEADS TO LOWER RATING 4/5/2010
METALS PRICES RISE 2% TO 8% WITH GOOD ECONOMIC NEWS; EPA ACTION 4/5/2010
RIO TINTO (RTP $237.53, rated NEUTRAL price target reduced to $241 from $295); PRICE TARGET DECREASED DUE TO ADVERSE MOVEMENTS IN EXCHANGE RATES, ADDITIONAL EXPECTED CAPITAL EXPENDITURES, AND LIMITED QUEUE OF EXCITING PROJECTS AFTER ASSET SALES 3/31/2010