CF INDUSTRIES (CF $203.93, rated Overweight, $360 price target) – -ESTIMATES SHAVED DUE TO LOWER UREA PRICE REALIZED AT $291/T IN 4Q 2/21/2013
COPPER INDUSTRY – – DEC. DAILY WORLD MINE OUTPUT 17% > JAN. 2012 2/21/2013
ANTOFAGASTA PLC (ANFGF $17.30, RATING REMAINS AT UNDERWEIGHT, Price Target Lowered to $13/share from $16/US ADS share) LOWER PRICE TARGET REFLECTS 2ND COPPER PRICE OUTLOOK CUT, LOWER PROVISIONAL PRICING ADJUSTMENT ESTIMATES; HIGHER NEAR TERM OPERATING COSTS AT MICHILLA 2/21/2013
NORBORD (NBRXF $30.55 rated Neutral with $35 up from $23 price target) SIGNIFICANTLY HIGHER NEAR TERM OSB PRICE REALIZATION ESTIMATES AND A $10 INCREASE IN OUR LONG TERM OSB REALIZATION PRICE DRIVES $12 HIGHER PRICE TARGET 2/19/2013
LOUISIANA-PACIFIC (LPX $21.79 rated Neutral with $20 up from $19 price target) HIGHER OSB PRICES AND MORE LENIENT TREATMENT OF TAXES IN DCF ANALYSIS MOSTLY OFFSET LOWER OPERATING MARGIN GROWTH IN LPX’S SIDING SEGMENT 2/19/2013
METALS – – 15 COMPANIES REPORT IMPAIRMENTS WHILE ANOTHER 8 OR SO HAVE NOT YET REPORTED RESULTS 2/18/2013
ANGLO AMERICAN (AAUKY $15.49, rated NEUTRAL and price target reduced to $21/share from $23/share) PLATINUM EARNINGS SIGNIFICANTLY REDUCED; COPPER PRICE ESTIMATES REDUCED; ANALYSIS OF BREAK-UP VALUE 2/15/2013
COPPER INVENTORIES RISING AS SPRING APPROACHES; STEEL SCRAP FALLS AT SEASONAL PEAK; WOOD PRICES APPROACH 2004 RECORDS 2/12/2013
DOMTAR (UFS $76.35 rated Overweight with $111 down from $130 price target) HIGHER CAPEX ESTIMATES AS DOMTAR INVESTS IN PERSONAL CARE SEGMENT CROWD OUT SHARE REPURCHASES COMBINED WITH LOWER, MORE CONSERVATIVE, LONG TERM PRICING FOR PULP AND PAPER SEGMENT AS …
TECK (TCK $33.86, Underweight; price target raised to $29 from $27) CORRECTION FOR OVERSTATEMENT OF ESTIMATED COAL MINE WATER MANAGEMENT COSTS 2/8/2013