CENTURY ALUMINUM (CENX $11.00, rated OVERWEIGHT; price target lowered to $22/share from $24/share) HIGHER COSTS AND LOWER ESTIMATED VOLUMES HURT 2011 EARNINGS; COMMENCEMENT OF HELGUVIK PRODUCTION DELAYED BY TWO YEARS TO APRIL, 2014 9/6/2011
CONTAINERBOARD INDUSTRY—WE LOWER TEMPLE-INLAND (TIN $30.85) TO UNDERWEIGHT FROM OVERWEIGHT, BUT DEFER RAISING OUR PRICE TARGET ON INT’L PAPER (IP $27.77) PENDING ANTITRUST CLEARANCE; IP AGREES WITH TIN’S BOARD AT $32 UP FROM $30.60 9/7/2011
METALS CONSUMPTION STRONGER THAN GDP REPORTS AND GDP EXPECTATIONS, BENEFITING FROM ASIAN STRENGTH 9/8/2011
BHP BILLITON (77.46, rating remains OVERWEIGHT; Price Target lowered to $137 from $144) PETROHAWK PROPERTIES EXAMINED, WHERE GEOSCIENCE IN EARLY STAGES DEPENDS IN PART ON FUTURE INNOVATIONS 9/15/2011
BHP BILLITON (BHP $77.46, rating OVERWEIGHT; Price Target lowered to $137 from $144) TOTAL PETROLEUM PRODUCTION REVISED; PETROHAWK ACQUISITION EXAMINED IN DEPTH 9/15/2011
BARRICK GOLD (ABX $52.87 rated Overweight) BARRICK’S TWO NEW GOLD DISCOVERIES AND HIGHER GOLD PRICE DRIVE HIGHER VALUATION AS WE RAISE OUR PRICE TARGET TO $75 FROM $53 9/16/2011
HUDBAY MINERALS (HBM US $12.15; Price Target RAISED from $16/share to $17/share) NOTES FROM SITE VISIT TO CONSTANCIA PROJECT IN PERU; ESTIMATED GOLD PRICES RAISED; ESTIMATED ZINC PRICES LOWERED 9/16/2011
ALLEGHENY TECHNOLOGIES (ATI $47.42 down from $72.23 at April 28th last writing, rated Overweight with price target $80) NOTES FROM AUGUST 23RD BRACKENRIDGE AND VANDERGRIFT MILL TOURS; ESTIMATES CUT 9/17/2011
GOLD MINING – – – HIGHLIGHTS OF DENVER GOLD SHOW SEPT 18TH TO 21ST INVOLVE 30.7 MM OZ OF PREDICTED OUTPUT INCREASES NET OF DEPLETION FROM 55 COMPANIES 9/21/2011
METALS CONSUMPTION SIGNALS NO RECESSION, BUT PRICES LISTLESS 9/18/2011