VALE (VALE $31.02, rated Overweight) PRICE TARGET RAISED TO $49 FROM $44 BASED ON HIGHER IRON ORE PRICES AND LOWER CAPITAL SPENDING 5/8/2011
TECK RESOURCES LTD. (TCK $50.25, rating Overweight; target $95) NEAR-TERM WEAKENING IN NONFERROUS PRICES DETRACTS FROM STRONG MET COAL PRICES AND LONG-TERM ASSETS IN THE GROUND 5/8/2011
HUDBAY MINERALS (HBM $15.45; RATED NEUTRAL; PRICE TARGET REDUCED FROM $26/Share to $19.50/Share) MODELS UPDATED TO INCLUDE NORSEMONT ACQUISITION/CONSTANCIA PROJECT IN PERU; ESTIMATED LONG-TERM ZINC PRICES LOWERED TO $0.80 PER LB 5/8/2011
LOUISIANA-PACIFIC (LPX $8.71, rated Neutral up from Underweight) RAISED INVESTMENT RATING OWING TO VERY GOOD COST PERFORMANCE, WHICH OFFSET A PORTION OF BAD IMPACTS OF POOR HOUSING STARTS AND WOOD PRODUCTS PRICING 5/11/2011
DOMTAR (UFS $105, rated Overweight target $139) FOCUS ON SPECIALITIES, DIFFERENTIATION, ACQUISITIONS AND SHARE REPURCHASES; COMMENTS FROM HQ VISIT AND WINDSOR MILL VISIT 05/12/2011
BHP BILLITON ($93.12, rating remains OVERWEIGHT; Price Target remains at $113) HIGHER NICKEL, METALLURGICAL COAL, AND OIL PRICES OFFSET LOWER ZINC AND LEAD PRICES, HIGHER INPUT COSTS AND HIGHER COSTS ASSOCIATED WITH THE STRONGER A$ OR WEAK US$ 5/16/2011
INTERNATIONAL PAPER (IP $31.45, rated Underweight from Neutral with $27 target) IP’S USE OF LOWER DEPRECIATION RATE IN FIRST-QUARTER OFFSET CASH OPERATING COST INCREASES ON AN EBIT BASIS, BUT LOWER CASH FLOWS CAUSE US TO SHAVE OUR PRICE TARGET 5/16/2011
STRONG DOLLAR TREND SINCE MAY 2ND PROMPTS SPECULATOR EXITS 5/16/2011
COMPARISON OF NET AND PRETAX MARGINS TO DETERMINE “LOWEST COST” COMPANIES 5/19/2011
WEYERHAEUSER (WY $21.35 rated UNDERWEIGHT) HOUSING MARKET CONDITIONS THE WORST IN DECADES 5/24/2011