GOLD INDUSTRY REPORT— NPV SENSITIVITY ANALYSIS SHOWS BARRICK GOLD AND AGNICO-EAGLE MINES ARE UNDERVALUED AND ANGLOGOLD ASHANTI IS OVERVALUED 1/16/2012
PLUM CREEK (PCL $38.82, rated Neutral) PRICE TARGET INCREASED TO $44 AS WOOD PRICES REMAIN STABLE AND HOUSING UPTICKS 1/18/2012
FORTESCUE METALS (FSUMF US $5.29; OVERWEIGHT; price target held at $9/share) HIGH DECEMBER OPERATING RATES DRIVE HIGHER ESTIMATED 2012 EARNINGS, WHILE HIGHER INTEREST EXPENSE SLIGHTLY LOWERS FUTURE EARNINGS 1/18/2012
ROCKTENN (RKT $65.02, rated Underweight with $54 price target) IP AND TEMPLEINLAND MERGER DECISION LOOMS LARGE FOR RKT; RATING LOWERED TO UNDERWEIGHT AS THE STOCK PRICE HAS REBOUNDED SIGNIFICANTLY 1/18/2012
GOLD INDUSTRY: A CASE STUDY IN THE CREDIBILITY OF GOLD STOCKS WITH INVESTORS IN KINROSS GOLD’S (KGC $10.39, not rated) TASIAST MINE 1/19/2012
ALUMINUM INDUSTRY – – LOWER LONG-TERM “NORMAL” PRICE ESTIMATE TO $1.20 AFTER 2017 FROM $1.27 AFTER 2014 DUE TO “SHALE GAS” SURPLUS THAT LOWERS THE MARGINAL COST CURVE + BUILDING EXCESS STOCKS 1/22/2012
FREEPORT-McMORAN COPPER AND GOLD (FCX $43.10, rated Overweight, price target cut to $74 from $79) NEAR TERM EARNINGS ESTIMATES, PRODUCTION ESTIMATES AND PRICE TARGET LOWERED, and CASH COSTS RAISED 1/22/2012
RIO TINTO (RIO $57.85, rating Lowered to UNDERWEIGHT FROM OVERWEIGHT; PRICE TARGET LOWERED FROM $60/share TO $52/share) LOWERED TO UNDERWEIGHT AS A RESULT OF LOWER ESTIMATED LME ALUMINUM PRICES, REDUCED ESTIMATED IRON ORE OUTPUT, and RECENT STOCK PRICE APPRECIATION 1/23/2012
PACKAGING CORPORATION OF AMERICA (PKG $27.90, rated Overweight, Price Target $34) LOWER CAPITAL SPENDING AND IMPACT OF COST SAVING INITIATIVES WILL HELP TO OFFSET POOR PRICING AND LOWER EXPORTS IN THE FIRST HALF OF 2012 1/25/2012
ALUMINA LTD. (AWC $5.46, RATING REMAINS AT OVERWEIGHT; PRICE TARGET LOWERED FROM $8.50 TO $7.50); LOWER ESTIMATED LME ALUMINUM PRICES HURT EARNINGS BUT SLIGHTLY OFFSET BY LOWER ESTIMATED ALUMINA COSTS 1/25/2012