RIO TINTO (RIO $57.88, rating remains UNDERWEIGHT, price target cut to $36 from $39) LOWER COPPER PRICE ESTIMATES HURT EARNINGS AND NPV; SLIGHT INCREASE IN ESTIMATED IRON ORE PRODUCTION HELPS OFFSET 2/1/2013
DULUTH METALS (DULMF U.S. $2.32, rated Neutral and price target “suspended”) DECEMBER 4TH RESOURCE STATEMENT ADDS DOUBTS ABOUT RECOVERY RATES 1/31/2013
WEYERHAUSER (WY $29.89 rated Overweight with $35 up from $30 price target) HIGHER PER ACRE TIMBERLANDS VALUE ESTIMATES BENEFIT VALUATION; MORE AGGRESSIVE DEBT REPAYMENT AND ESTIMATED FUTURE SOUTHERN TIMERLANDS ACQUISITIONS BENEFIT EARNINGS 1/30/2013
AEM (AEM $45.79 raised to Neutral from Underweight with $40 price target) RATING RAISED TO NEUTRAL FROM UNDERWEIGHT DUE TO SHARE PRICE DECLINE; POTENTIAL FOR UPWARD REVISIONS AS GOLD AND OTHER PRICES > OUR LONG-TERM ESTIMATES AND WITH EXPLORATION 1/28/2013
FREEPORT-McMORAN COPPER AND GOLD (FCX $34.66, rated Overweight, price target remains at $56/share) INCLUSION OF PXP/MMR ACQUISITION IN OUR FINANCIAL MODELS; COPPER AND MOLY PRICES LOWERED; 2017 and 2018 GRASBERG PRODUCTION ESTIMATES INCREASED 1/28/2013
ROCKTENN (RKT $79.66 rated Overweight with $92 up from $81 price target) DECEMBER 2012 CONTAINERBOARD OPERATING RATE OF 95.2% IS THE HIGHEST DECEMBER LEVEL SINCE 2007 AS PRICES ROSE DESPITE CHEAP GAS AND SCRAP; CONSERVATIVE MODELS SUBDUE FORECASTS 1/24/2013
ALLEGHENY TECHNOLOGIES (ATI $27.37, rated Overweight with price target cut to $36 from $80) ROAD MAP TO 2013, 2014 AND 2015 GAINS CLEARER WITH LOSS AVOIDED IN FOURTH-QUARTER; PRICE TARGET RAISED TO $44 FROM $36 1/24/2013
PACKAGING CORPORATION OF AMERICA (PKG $38.81 rated Overweight with $47 up from $39 price target) HIGHER LONG TERM CONTAINERBOARD PRICE REALIZATIONS DRIVE VALUATION HIGHER, PARTIALLY OFFSET BY HIGHER OPERATING COSTS AND CAPEX. 1/22/2013
ALCOA (AA $9.20, rating NEUTRAL; PRICE TARGET raised to $14/share) HIGH PRICING PREMIUMS HELPS OFFSET WEAK ALUMINUM MARKET CONDITIONS 1/22/2013
GOLDCORP (GG $37.48, rated underweight with price target $29 up from $26) LOWER TAX BURDEN WITH HIGH DEPRECIATION OFFSET BY HIGHER CAP EX, HIGHER OPERATING COSTS, AND LOWER PRODUCTION. 1/17/2013