COPPER INVENTORIES FALL; INT’L ALUMINUM, WORLD STEEL, WORLD BUREAU METAL STATISTICS, FIBRE BOX ASSN. AND WORLD GOLD COUNCIL DATA REPORTS 5/26/2012
ROCKTENN (RKT $53.32 rated Underweight with price target of $47 down from $54) CONTAINERBOARD INDUSTRY VOLUME ESTIMATES CUT; EARNINGS ESTIMATES CUT BASED ON MARCH 31ACTUALS AND INDUSTRY OUTLOOK 5/22/2012
XSTRATA (XSRAF $14.83, rated Overweight; PRICE TARGET LOWERED FROM $32/share to $31/share) NEAR TERM EARNINGS ESTIMATES REDUCED DUE TO LOWER ESTIMATED NEAR TERM METALS PRICES 5/21/2012
METALS – – COMMODITY PRICE FORECAST REVISIONS TO 15 METALS 5/17/2012
TECK RESOURCES LTD. (TCK US $29.53, rating raised to Overweight from Neutral; Price Target Cut to $63 from $65) INVESTMENT RATING RESTORED TO OVERWEIGHT AS SHARE PRICES ANTICIPATE MUCH DOWNSIDE 5/17/2012
WORTHINGTON INDUSTRIES (WOR $17.11; rated OVERWEIGHT with $23 target) COMPRESSED NATURAL GAS (CNG) VEHICLE CYLINDERS SUPPLIERS NOT A LIKELY LARGE MARKET WITHIN THREE YEARS 5/17/2012
THOMPSON CREEK METALS (TC $3.74, rated NEUTRAL; price target REDUCED from $9/share to $8/share) LOWER ESTIMATED EARNINGS BASED ON LOWER ESTIMATED MOLYBDENUM PRICES AND SIGNIFICANT EQUITY DILUTION 5/16/2012
ALLEGHENY TECHNOLOGIES (ATI $26.59 down from $72.23 at April 28, 2011, rated Overweight with price target $80) VISIT TO BOEING INVESTOR DAY MAY 14-15 5/16/2012
FRANCO NEVADA (FNV $38.54 rated neutral from underweight with price target raised to $34 from $23) EIGHT NEW ROYALTIES HIGHLIGHTED ON FNV’S 5/8/12 INVESTOR DAY ADDED TO MODEL, THE MOST SIGNIFICANT OF WHICH IS A 1.08% NSR ON TECK’S TACA …
BHP BILLITON (BHP $73.97, rating OVERWEIGHT; Price Target $112) POTASH STRATEGY REVIEWED AFTER MEETINGS WITH POTASH CORP. MAY 9-10 5/14/2012