(BHP $69.69, rated Overweight, $90 Target) PRICE TARGET RAISED TO $90 FROM $80 AND RATING TO OVERWEIGHT ON IMPROVED IRON ORE AND COAL PROFIT SURGES AND LIKELIER END TO RIO TINTO QUEST August 26, 2008
RIO TINTO (RTP $382.15, rated Overweight) IRON ORE LEADS DRAMATIC EARNINGS GAINS THAT OUTPACE FIVE OTHER LARGE DIVERSIFIED MINERS; PRICE TARGET RAISED TO $740 FROM $630; ESTIMATES UP 8/26/2008
SPOTMARKETS PANIC SELLOFF PASSES, AND STILL REDUCED VALUATIONS PROVIDE BUYING OPPORTUNITIES; WBMS, IAI AND IISI EACH REPORT OUTPUTS ON AUG. 20TH 8/23/2008
TEMPLE INLAND (TIN $15.64, rated OVERWEIGHT) PRICE TARGET RAISED AS BUILDING PRODUCTS SEGMENT OUTLOOK IMPROVES GREATLY July 30, 2008
METALS INDUSTRY – – – PRODUCT MIXES AND PRODUCTION COST CURRENCIES INFLUENCE 5% TO 70% ESTIMATED EARNINGS GAINS FOR DIVERSIFIED SUPER MAJORS: ANGLO-AMERICAN’S JULY 31 REPORT AS A PREDICTOR OF BHP BILLITON, RIO TINTO, VALE OR XSTRATA July 31, 2008
INTERNATIONAL PAPER (IP $27.72, Overweight) HIGHER INTEREST EXPENSE, COSTS AND LA MINERAL RIGHTS SALES PROMPT EARNING REVISIONS July 31, 2008
COMMODITY EXCHANGE INVENTORIES ALL RISE THIS PAST WEEK AS THOUGH SUMMER SLOWDOWN AND/OR SLOWER WORLD ECONOMY August 3, 2008
LOUISIANA-PACIFIC (LPX $8.78 August 4 midday, rated Neutral Weight) EARNINGS ESTIMATES RAISED DUE TO REBOUND IN OSB PRICES AND MILDLY BETTER COSTS; CONFLUENCE OF EVENTS GOING “WRONG” IN BAD UNDERLYING MARKETS; DIVIDEND OMITTED August 4, 2008
WEYERHAEUSER (WY $50.55, Neutral) REAL ESTATE WRITEOFFS TAKEN; HOUSING OUTLOOK REMAINS POOR; LARGER THAN PREVIOUSLY ESTIMATED COST BASIS LEADS TO SMALLER IP GAIN, LOWER TAXES DUE AND HIGHER DEBT REPAYMENT EXPECTATIONS LEADING IN TURN TO LOWER 2008 EARNINGS BUT HIGHER …
JUNE 2008 QUARTER 8% REBOUNDS IN MET COAL OUTPUTS FROM JUNE 2007 AND 37.7% FROM MARCH 2008 TO SIGNAL DROPS TOWARDS $750 HOT-ROLLED SHEET, $200 ASIAN MET COAL, $500 #1 BUSHELING AND $400 HEAVY MELT SCRAP STEEL; WE VIEW JULY-AUGUST …