CONTAINERBOARD INCUSTY – BETTER THAN EXPECTED FOURTH QUARTER OPERATING RATES MASK POTENTIAL FOR PRICING EROSION 12/23/2011
CONTAINERBOARD INCUSTY – BETTER THAN EXPECTED FOURTH QUARTER OPERATING RATES MASK POTENTIAL FOR PRICING EROSION 12/23/2011
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SILVER WHEATON (SLW $29.58, rated Neutral with $23 price target): PRICE TARGET LOWERED TO $23 FROM $27 DUE TO SIGNIFICANT DIFFERENCE BETWEEN PRODUCED SILVER AND PAYABLE SILVER: 12/26/2011
SILVER WHEATON (SLW $29.58, rated Neutral with $23 price target): PRICE TARGET LOWERED TO $23 FROM $27 DUE TO SIGNIFICANT DIFFERENCE BETWEEN PRODUCED SILVER AND PAYABLE SILVER: 12/26/2011
U.S. STEEL (X $26.61, Overweight, $44 price target) SUDDEN SHUTDOWN OF LARGE COMPETING MILL TO BENEFIT FEBUARY-MARCH PRICES AND TONS 12/27/2011
U.S. STEEL (X $26.61, Overweight, $44 price target) SUDDEN SHUTDOWN OF LARGE COMPETING MILL TO BENEFIT FEBUARY-MARCH PRICES AND TONS 12/27/2011
RIO TINTO (RIO $47.80, rating Raised to OVERWEIGHT; PRICE TARGET LOWERED FROM $68/share TO $60/share) RAISED TO OVERWEIGHT DUE TO STOCK PRICE DECLINES AND CASH GENERATON, BUT PRICE TARGET CUT $8 PER ADS DUE TO ALUMINUM DIVESTMENTS AND CAPITAL EXPENDITURES 12/28/2011
RIO TINTO (RIO $47.80, rating Raised to OVERWEIGHT; PRICE TARGET LOWERED FROM $68/share TO $60/share) RAISED TO OVERWEIGHT DUE TO STOCK PRICE DECLINES AND CASH GENERATON, BUT PRICE TARGET CUT $8 PER ADS DUE TO ALUMINUM DIVESTMENTS AND CAPITAL EXPENDITURES …
DOMTAR (UFS $78.33, rated Overweight) DOMTAR HISTORICAL REVIEW SHOWS THAT IT IMPROVED ON MANY METRICS WHILE DEMAND FOR UNCOATED FREESHEET HAS DECLINED STEADILY; “GO PRIVATE” SPREADS 12/31/2011
DOMTAR (UFS $78.33, rated Overweight) DOMTAR HISTORICAL REVIEW SHOWS THAT IT IMPROVED ON MANY METRICS WHILE DEMAND FOR UNCOATED FREESHEET HAS DECLINED STEADILY; “GO PRIVATE” SPREADS 12/31/2011
SPOTMARKETS OFFSHORE STEEL OUTPUT FALLS, U.S. STEEL OUTPUT UP, GLOBAL ALUMINUM OUTPUT UP AND RECORD EXCHANGE ALUMINUM STOCKS 1/5/2012
SPOTMARKETS OFFSHORE STEEL OUTPUT FALLS, U.S. STEEL OUTPUT UP, GLOBAL ALUMINUM OUTPUT UP AND RECORD EXCHANGE ALUMINUM STOCKS 1/5/2012
WORTHINGTON INDUSTRIES (WOR $17.66; rated OVERWEIGHT with $23 target) FOUR ACQUISITIONS SHIFT EMPHASIS AWAY FROM SHARE BUYBACKS 1/6/2012
WORTHINGTON INDUSTRIES (WOR $17.66; rated OVERWEIGHT with $23 target) FOUR ACQUISITIONS SHIFT EMPHASIS AWAY FROM SHARE BUYBACKS 1/6/2012
TECK RESOURCES LTD. (TCK $36.64, rating Overweight; target $95) TECK FOCUSES OIL SANDS INTERESTS ON TWO OPEN PIT PROJECTS 1/9/2012
TECK RESOURCES LTD. (TCK $36.64, rating Overweight; target $95) TECK FOCUSES OIL SANDS INTERESTS ON TWO OPEN PIT PROJECTS 1/9/2012
FRANCO NEVADA (FNV: $39.90 rated Underweight with $23 from $27 price target) EARNINGS ESTIMATES AND NPV/SHARE LOWERED DUE TO INCREASE IN FULLY DILUTED SHARES OUTSTANDING AND DECREASED BASE CASE PRICING ASSUMPTIONS FOR GOLD 1/16/2012
FRANCO NEVADA (FNV: $39.90 rated Underweight with $23 from $27 price target) EARNINGS ESTIMATES AND NPV/SHARE LOWERED DUE TO INCREASE IN FULLY DILUTED SHARES OUTSTANDING AND DECREASED BASE CASE PRICING ASSUMPTIONS FOR GOLD 1/16/2012
GOLD AND SILVER ROYALTY COMPANIES UNDER NEW LOWER “BASE CASE”, “UPSIDE”, AND “DOWNSIDE” PRICE SCENARIOS 1/16/2012
GOLD AND SILVER ROYALTY COMPANIES UNDER NEW LOWER “BASE CASE”, “UPSIDE”, AND “DOWNSIDE” PRICE SCENARIOS 1/16/2012