NORBORD INC (NBRXF $7.85, rated Overweight) PRICE TARGET INCREASED AS GOOD FOURTH QUARTER CONSUMER SPENDING AND IMPROVED NEW HOME STARTS IN AUGUST-OCTOBER COULD BE A SIGN OF AN UPTURN IN THE HOUSING MARKET 12/8/2011
PRETIUM RESOURCES (PXZRF $11.70, rated Overweight with $50 target) COVERAGE INITIATED WITH $50 TARGET AT $4.3 BIL. NPV ESTIMATE 12/12/2011
GLENCORE INTERNATIONAL PLC (GLCNF, $6.05; RATED UNDERWEIGHT; PRICE TARGET US $5 ) HIGH DEBT LEVELS, THIN CASH GENERATION, “TOO LOW” TAXES AND BETTER ALTERNATIVES LIKE XSTRATA (XSRAF, $14.57) or ANGLO AMERICAN (AAUKY, $17.73) 12/15/2011
MEADWESTVACO (MWV $28.71, rated Neutral, price target cut to $29 ex-$3 distribution from $30 pre-distribution) BRAZILIAN CONTAINERBOARD EXPANSION OFFSETS MUCH OF THE PROFITS DIVESTED WITH CONSUMER AND OFFICE PRODUCTS SEGMENT; HIGHLIGHTS OF RICHMOND INVESTOR DAY DECEMBER 14TH 12/15/2011
THOMPSON CREEK METALS (TC $6.69, rated OVERWEIGHT; price target remains at $15/share) THOMPSON CREEK SELLS ADDITIONAL 15% GOLD INTEREST IN MOUNT MILLIGAN OBTAINING THE NECESSARY FUNDING FOR THE PROJECT WITHOUT DEBT LEVERAGE OR EQUITY DILUTION 12/16/2011
ROYAL GOLD (RGLD: $70.06, rated Underweight with $50 price target): INCREASE FROM 25% TO 40% OF GOLD FROM THOMPSON CREEK’S MT. MILLIGAN PROJECT HAS MINOR POSITIVE IMPACT ON NPV, 9% BENEFIT TO POST-2014 EPS AND MILDLY UNFAVORABLE TO 2012-13 EPS. …
CHINESE COPPER APPARAENT SUPPLY IN NOVEMBER AT 10-13 MMT ANNUAL RATE AFTER 47% OCTOBER RISE, 238,813 TONNE LME ALUMINUM DELIVERIES AS EU BANKS FOUNDER AND GOLD FALLS MAYBE AS COLLATERAL TO MARGIN CALLS 12/19/2011
ANGLOGOLD ASHANTI (AU $40.98, rated Overweight price target $50) POTENTIAL FOR LARGE DIVIDENDS OR ACQUISITIONS CREATES UPSIDE TO AU’S STOCK PRICE 12/19/2011
DOMTAR (UFS $78.33, rated Overweight) SHARE REPURCHASE AT A LOWER DOLLAR SHARE PRICE, INCREASED AMOUNT OF DOLLARS AND A LARGER AMOUNT OF SHARES BETTER THAN OUR PREVIOUS EXPECTATIONS 12/21/2011
PACKAGING CORPORATION OF AMERICA (PKG $24.75, rated Overweight, Price Target $37) ACCELERATED SHARE REPURCHASES ADD $1 TO PRICE TARGET: CONTAINERBOARD MARKET PERFORMING BETTER THAN EXPECTED DUE TO GOOD HOLIDAY CONSUMER SPENDING 12/23/2011