PARAMOUNT GOLD AND SILVER (PZG $1.28 RATED OVERWEIGHT; $1.75 PRICE TARGET) FINANCIAL MODELS BUILT ASSUMING PZG ABLE TO RAISE ONLY $30 MM FOR A $25 MM SAN FRANCISCO 5,000 mtpd HEAP LEACH IN 2016 TO RETAIN EARNINGS TO BUILD 500 …
GLENCOREXSTRATA PLC (GLCNF, $5.51; RATED UNDERWEIGHT; PRICE TARGET RAISED TO USD $4 from USD $2) SALE OF LAS BAMBAS MINE CUTS DEBT 1/10TH AND CAPITAL EX AND REDUCES VOLATILITY
SPOT MARKETS – – DEMAND BOOMS IN SEPTEMBER-OCTOBER, BUT PRICES AND INVENTORIES STABLE 11/5/2013
NEWMONT MINING (NEM $27.26 rated Overweight with $42 price target maintained) POTENTIAL SALE OF BARRICK’S 50% SHARE OF KALGOORLIE “SUPERPIT” MINE IN WESTERN AUSTRALIA ESTIMATED AT SEVERAL PRICE SCENARIOS 11/6/2013
CF INDUSTRIES (CF $219.36; rated Neutral; price target cut to $201 from $218) VOLUME, PRICE, EARNINGS, PRICE TARGET AND RATING ALL CUT; LOWER CORN PRICES HIT VOLUME AND PRICE AS EXPORTS OFFSET SOFT DEMAND 11/8/2013
ROCKTENN (RKT $95.51 rating raised to Neutral from Underweight; price target cut to $92 from $106) FAST DEBT AND PENSION PAYDOWNS OFFSET BY HIGHER CAP EX AND $25/TON HIGHER 2013 CONTAINERBOARD OPERATING COSTS 11/11/2013
PACKAGING CORPORATION OF AMERICA (PKG $60.67 rated Neutral with $64 price target maintained) ACQUISITION OF BOISE BENEFITS-POST 2015 EARNINGS; HIGHER SUSTAINING AND PROJECT CAPEX HURT VALUATION. 11/11/2013
RIO TINTO (RIO $52.41, RATING RAISED TO OVERWEIGHT from Underweight, price target raised to $55 from $23/share) HIGHER COPPER AND IRON ORE PRICES INCREASE EARNINGS ESTIMATES; ESTIMATED NET DEBT TO FALL RAPIDLY AFTER 2015 AS PRICES RISE AND CAP EX …
WEYERHAUSER (WY $29.86 rated Neutral with $34 down from $35 price target) MERGER WITH TRI POINTE A SLIGHTLY LESSER VALUATION THAN EXPECTED 11/15/2013
KIRKLAND LAKE GOLD (KGILF $3.05, not rated) CHANGE IN MANAGEMENT AND $50 MM ROYALTY FINANCING 11/19/2013