LARGE CAP METALS – – UPDATED STRUCTURED FINANCIAL COMPARISONS OF $576 BIL. MARKET CAP OF SIX MAJOR DIVERSIFIED MINES 5/5/2010
NEWMONT MINING (NEM $54.64, rating lowered from Neutral to Underweight) HIGHER EARNINGS AND SHARE PRICE MAY PERMIT NEWMONT TO MAKE AN ACQUISITION TO INCREASE RESERVES 5/6/2010
ANTOFAGASTA PLC (ANFGF $14.14, Remain Overweight, Price Target $22) REVISED EARNINGS BENEFIT FROM INCREASED VOLUMES AND LOWER COSTS; FINITE CHILEAN TAX HIKES LOWER 2011 and 2012 EARNINGS 5/6/2010
SPOTMARKETS TURNING POINTS IN COPPER, ALUMINUM, ZINC OR WOOD 5/10/2010
LOUISIANA-PACIFIC (LPX $9.43, rated Neutral with price target lowered to $9 from $12) POOR OSB PRICE REALIZATIONS COMPARED TO PUBLISHED PRICES LEAVES FUTURE CLOUDY 5/11/2010
ANGLO AMERICAN (AAUKY $19.00, Rated Overweight) MET COAL, THERMAL COAL AND IRON ORE PRICE INCREASES AND OUTPUT GAINS AT KUMBA DRIVE IMPROVED EARNINGS FORECAST 5/14/2010
ANGLOGOLD ASHANTI (AU $42.96, rated Underweight) AU AND RANDGOLD SEEMED POISED TO MOVE FORWARD IN CONGO DESPITE DRC’S HANDLING OF FIRST QUANTUM 5/15/2010
SPOTMARKETS STOCK PRICES ANTICIPATE A “DOUBLE DIP,” AND METALS MARKETS REFLECT A “CONFUSION” AND WE FIND IT ALL ATTRACTIVE 5/17/2010
AGNICO-EAGLE (AEM $62.50) PROS AND CONS OF OUR $75 PRICE TARGET; COMMENTS FROM APRIL 14TH VISIT TO PINOS ALTOS 5/18/2010
SPOTMARKETS STOCK PRICES ANTICIPATE A “DOUBLE DIP,” AND METALS MARKETS REFLECT A “CONFUSION” AND WE FIND IT ALL ATTRACTIVE 5/19/2010