LOUISIANA-PACIFIC (LPX $10.55; rated Neutral; price target raised to $12 from $7) FIRM OSB PRICES AND FALLING ENERGY PRICES OK, BUT VOLUME GAINS MUCH LESS THAN EXPECTED WITH MORE APARTMENTS IN HOUSING MIX 6/26/2012
ANGLO AMERICAN (AAUKY $15.98, rated NEUTRAL and price target REDUCED from $34/share to $23/share) LOWER ESTIMATED NEAR TERM NON-FERROUS METALS PRICES, COAL PRICES AND A DECREASING MIX OR ESTIMATED RATIO OF METALLURGICAL TO THERMAL COAL REDUCE EARNINGS 6/27/2012
WORTHINGTON INDUSTRIES (WOR $19.155; rated OVERWEIGHT with $23 target) PRICE TARGET RAISED TO $30 FROM $23 BASED ON NPV 6/28/2012
TAHOE RESOURCES (TAHO $13.65, rated Overweight, Price Target $29) SEPARATE GUATEMALAN 4% ROYALTY APPROVED WITH MINING INDUSTRY CONSULTATION, WHILE CONSTITUTIONAL PROPOSAL FOR 40% STATE OWNERSHIP UNCERTAIN WITHOUT CONSULTATION 6/29/2012
STRUCTURED FINANCIAL COMPARISONS OF THE $465 BILLLION MARKET CAP “BIG SIX” MAJOR DIVERSIFIED MINES PLUS GLENCORE AND FORTESCUE WHICH TOGETHER HAVE A MARKET CAP OF $513 BILLION 6/29/2012
NORBORD (NBRXF US$13.06, rating cut to Neutral from Overweight; price target kept at $15) RATING CUT TO NEUTRAL FROM OVERWEIGHT AS OTHER MARKET SECTORS BETTER VALUES AS CONSENSUS EXPECT A HOUSING UPTURN 7/3/2012
“TEMPO OF THE MARKET” MUCH IMPROVED ON JUNE 29TH AND EARLY JULY TRADING; OUR “HUNCH” IS THAT DEEP CYCLICAL SHARES REBOUND AFTER SOME BIG PORTFOLIO LIQUIDATIONS CONCLUDED 7/3/2012
SUMMER DOLDRUMS DELIVER SEASONAL SOFTNESS ATOP STRONG DOLLAR AND RECESSION WORRIES; REGULATORY DELAY HIGHLIGHTS 7/9/2012
NEWMONT MINING (NEM $47.91 price target lowered to $36 from $65 and investment rating lowered to Underweight from Neutral) CONGA AND CERRO QUILISH PROJECTS PUSHED BACK SIX YEARS DUE TO PERUVIAN SOCIAL UNREST AND INCREASED CAPITAL EX TO DEVELOP PROJECT …
EURO CURRENCY FALLS EVEN MORE TO TEST PRE-2004 LOWS 7/12/2012