ALLEGHENY TECHNOLOGIES (ATI $26.09, rated Overweight with price target $44) MERCHANT OPPORTUNITIES TO SELL ROLLING TIME AFTER 2015 TO HOTROLL “ADVANCED HIGH STRENGTH CARBON STEELS” FOR AUTOS 7/31/2013
NORBORD (NBRXF $32.18 rated Neutral with $32 down from $35 price target) HIGHER OPERATING COSTS DUE TO WAX AND RESIN COST PRESSURE HURT EBITDA MARGINS; HOUSING STARTS SLOW IN JUNE COMPARED WHERE HIGHER INTEREST RATES COULD DAMPEN HOUSING RECOVERY 7/31/2013
AGNICO-EAGLE MINES (AEM $28.61 rated Overweight; $43 up from $38 price target) HIGHER 2016 AND BEYOND GOLD PRICES BENEFIT TO AEM’S VALUATION; ASSUME MELIADINE PROJECT DELAYED; STRESS TEST AEM CAN LIVE WITHIN FREE CASH FLOW AT $1,200/OZ BUT NOT $1,000/OZ …
FREEPORT-McMoRAN COPPER AND GOLD (FCX $28.27, rated Overweight, price target raised from $53 to $56) EXPECTATIONS IMPLICIT IN SHARE PRICE 7/1/2013
U.S. STEEL (X $18.04; Rating Neutral; Price target cut to $18 from $44) PRICE/COST DEFLATION, SLOW GROWTH AND EXCESS CAPACITY 7/2/2013
STEEL INDUSTRY – – SLOW GROWTH, 80% GLOBAL CAPACITY UTILIZATION AND TOUGH COMPETITON 7/2/2013
ANGLOGOLD ASHANTI (AU $12.75 rated Overweight with $23 up from $18 price target) HIGHER GOLD PRICES DRIVE HIGHER NPV/SHARE. ANGLOGOLD ASHANTI’S CASH BALANCE TURNS NEGATIVE AT YEAR END 2014 AT $1,200/OZ GOLD 7/14/2013
NEWMONT MINING (NEM $27.07 rated Overweight with $42 up from $30 price target) WRITE-DOWNS OF CONGA, OTHER AUSTRALIA/NEW ZEALAND AND ORE STOCKPILES ANTICIPATED IN 2013. HIGHER 2016 ONWARDS GOLD PRICE ESTIMATES INCREASE NEM NPV/SHARE SIGNIFICANTLY. 7/9/2013
ALCOA (AA $8.10, rated Neutral, Price Target cut from $10 to $8) WE CUT OUR MIDWEST PREMIUM ESTIMATES, PRICE TARGET AND EARNINGS ESTIMATES; “STRESS TEST” $0.75/LB LME DEDUCTS $1 BIL. PER YEAR 7/12/2013
ALUMINA LTD. (AWC $3.89, RATING UNDERWEIGHT; PRICE TARGET $3.00); LOWER ESTIMATED ALUMINA PRODUCTION AND 2013 LME ALUMINUM INGOT PRICE ESTIMATES LOWER EARNINGS ESTIMATES 7/14/2013