MEADWESTVACO (MWV $28.81, rating dropped to Neutral from Overweight) POOR FOURTH QUARTER OUTLOOK AND END OF SEASONAL PEAK LEAD TO RATING REDUCTION 11/5/2011
LOUISIANA-PACIFIC (LPX $6.67, rated Neutral) HOUSING NUMBERS BETTER THAN EXPECTED IN SEPTEMBER AND AUGUST, BUT MARGINS REMAIN UNDER PRESSURE AND 2012 OUTLOOK POOR EVEN YET 11/7/2011
ANGLO AMERICAN (AAUKY $19.24, rated Overweight and price target REDUCED from $33/share to $30/share) EARNINGS REDUCED AS A NET RESULT OF THE CODELCO/MITSUI COPPER AND THE DE BEERS DIAMOND TRANSACTIONS 11/8/2011
MINING INDUSTRY – – MET COAL MARKET TRENDS 11/8/2011
ALCOA (AA $10.25, rating Neutral price target at $15) COMMENTS FROM ALCOA INVESTOR DAY AND PLANT TOUR 11/10/2011
TECK RESOURCES LTD. (TCK $29.65, rating Overweight; target $95) STRATEGIC AND EXPLORATION HIGHLIGHTS OF NOV. 8TH TORONTO “INVESTOR DAY” CAUSE US TO CUT POST-2014 EARNINGS ESTIMATES DUE TO HIGHER CAP EX AND SLOWER COMPLETIONS 11/11/2011
ROCKTENN (RKT $61.07, rated Neutral with $56 price target) POTENTIAL UPSIDE OF $25 PER SHARE IF IP RAISES PRICES 2% AFTER TEMPLE-INLAND ACQUISITION, BUT EARNINGS ESTIMATES CUT 1% TO 3% WITH SHORTTERM INDUSTRY SOFTENING 11/14/2011
THOMPSON CREEK METALS (TC $6.44, rated OVERWEIGHT; price target cut from $18 to $15/share) HIGHER ESTIMATED NEAR TERM CAPITAL EXPENDITURES, HIGHER ENDAKO OPERATING COSTS, LOWER MOLYBDENUM PRODUCTION and LOWER MOLY PRICES CUT ESTIMATED EARNINGS; HIGHER LONG TERM GOLD AND SILVER …
GOLDCORP (GG $52.25, Rating held at Neutral) GOLDCORP’S LARGE 69% PREMIUM OVER OUR NPV ANALYSIS ANTICIPATES MANY SUCCESSES NOT BUILT INTO OUR MODELS, BUT OUR RATING HELD AT NEUTRAL PENDING DECEMBER 7TH GROUP TOUR TO CERRO NEGRO IN ARGENTINA 11/17/2011
VALE (VALE $24.77, rated Overweight price target $41) OVER $6.2 BILLION IN PLANNED INVESTMENTS INTO CANADIAN NICKEL OPERATIONS TO 2017 11/17/2011