SPOTMARKETS MORE GRIM DATA FROM BASE METALS GLOBALLY 11/28/2012
MORE GRIM DATA FROM BASE METALS GLOBALLY 11/28/2012
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NORBORD (NBRXF $23.87 rated Neutral with $23 from $15 price target) HIGHER NORTH AMERICAN OSB PRICE REALIZATIONS GOING FORWARD DRIVE IMPROVED VALUATION 11/28/2012
NORBORD (NBRXF $23.87 rated Neutral with $23 from $15 price target) HIGHER NORTH AMERICAN OSB PRICE REALIZATIONS GOING FORWARD DRIVE IMPROVED VALUATION 11/28/2012
GLENCORE INTERNATIONAL PLC (GLCNF, $5.42; RATED UNDERWEIGHT; PRICE TARGET REDUCED TO USD $4.50 FROM USD $6) COMPLETION OF XSTRATA MERGER; ANALYSIS OF DIFFERENT DEBT REDUCTION METHODS 11/30/2012
GLENCORE INTERNATIONAL PLC (GLCNF, $5.42; RATED UNDERWEIGHT; PRICE TARGET REDUCED TO USD $4.50 FROM USD $6) COMPLETION OF XSTRATA MERGER; ANALYSIS OF DIFFERENT DEBT REDUCTION METHODS 11/30/2012
METALS – – – DISCUSSION AS TO WHICH WILL BE A BETTER SHORT AMONG THE DEBT-LADEN SUPERMAJORS GLENCORE, BHP, VALE AND RIO TINTO 11/30/2012
METALS – – – DISCUSSION AS TO WHICH WILL BE A BETTER SHORT AMONG THE DEBT-LADEN SUPERMAJORS GLENCORE, BHP, VALE AND RIO TINTO 11/30/2012
FOREST PRODUCTS INDUSTRY – – LOUISIANA-PACIFIC BUYS OSB CAPACITY FOR $183 PER 000 SQ FT PLUS A DEFERRED PAYMENT, OR ABOUT HALF OF THE VALUATION IMPLIED BY LPX OR NORBORD SHARE PRICES 12/2/2012
FOREST PRODUCTS INDUSTRY – – LOUISIANA-PACIFIC BUYS OSB CAPACITY FOR $183 PER 000 SQ FT PLUS A DEFERRED PAYMENT, OR ABOUT HALF OF THE VALUATION IMPLIED BY LPX OR NORBORD SHARE PRICES 12/2/2012
WHILE WE HOPE FOR A “SPRING THAW” IN A COUPLE MONTHS, DECEMBER DATA BRINGS HIGHER INVENTORIES, WRITEOFFS AND CAUTION 12/28/2012
WHILE WE HOPE FOR A “SPRING THAW” IN A COUPLE MONTHS, DECEMBER DATA BRINGS HIGHER INVENTORIES, WRITEOFFS AND CAUTION 12/28/2012
TECK (TCK $35.22, Overweight; price target cut to $47 from $63) LOWER COPPER PRICE FORECAST CAUSES SUBSTANTIAL CUT TO TCK’S PRICE TARGET AND EPS ESTIMATES. BUY RECOMMENDATION REITERATED. 12/28/2012
TECK (TCK $35.22, Overweight; price target cut to $47 from $63) LOWER COPPER PRICE FORECAST CAUSES SUBSTANTIAL CUT TO TCK’S PRICE TARGET AND EPS ESTIMATES. BUY RECOMMENDATION REITERATED. 12/28/2012
BARRICK (ABX $34.26, Neutral rating; price target increased to $36 from $34) LOWER COPPER PRICES, A HIGHER CONSOLIDATED TAX RATE AND MORE LENIENT NPV ANALYSIS 12/28/2012
BARRICK (ABX $34.26, Neutral rating; price target increased to $36 from $34) LOWER COPPER PRICES, A HIGHER CONSOLIDATED TAX RATE AND MORE LENIENT NPV ANALYSIS 12/28/2012
NEWMONT MINING (NEM $44.80, rated Underweight with $38 up from $36 price target) BETTER BATU HIJAU OPERATING PERFORMANCE BEGINNING IN 2014, OPTIMIZED GHANA AND PERU INVESTMENTS AND LOWER CAPEX AND EXPLORATION MOSTLY OFFSET BY LOWER LONG TERM COPPER PRICING 12/26/2012
NEWMONT MINING (NEM $44.80, rated Underweight with $38 up from $36 price target) BETTER BATU HIJAU OPERATING PERFORMANCE BEGINNING IN 2014, OPTIMIZED GHANA AND PERU INVESTMENTS AND LOWER CAPEX AND EXPLORATION MOSTLY OFFSET BY LOWER LONG TERM COPPER PRICING 12/26/2012
COPPER INDUSTRY – – PRICE OUTLOOK CUT AS GRADUAL WORLD GROWTH RATES AND MANY NEW MINES HURT DEMAND-SUPPLY SIMULATION 12/21/2012
COPPER INDUSTRY – – PRICE OUTLOOK CUT AS GRADUAL WORLD GROWTH RATES AND MANY NEW MINES HURT DEMAND-SUPPLY SIMULATION 12/21/2012