PLUM CREEK TIMBER (PCL $43.56, Neutral, price target $44) BUYS TIMBERLANDS AT HIGH VALUES BASED ON HIGHER OUTPUT PER ACRE 11/19/2013
THOMPSON CREEK METALS (TC $2.77, rating raised to Neutral from Underweight; price target raised to $2.50/share from $1.50/share) THOMPSON CREEK MINE CLOSED AFTER 2014; LOWER SHORT TERM MOLYBDENUM AND GOLD PRICES HURT NEAR TERM EARNINGS WHILE HIGHER LONG TERM GOLD …
BARRICK GOLD (ABX $16.39 rated Overweight with $21 down from $23 price target) BARRICK’S GOLDRUSH PROJECT RETURNS CALCULATED UNDER VARIOUS SCENARIOS; IMPACTS OF STOCK OFFERING, GOLDRUSH LIKELY DELAYS, PASCUA LAMA AND OTHER MODELING CHANGES. 11/26/2013
SPOT MARKETS – – ROW OCTOBER STEEL OUTPUT UP 4.3% AND ROW SEPT. DEMAND UP 3.6% Cu, 6% Ni, 10% Pb and 12% Zn WITH COINCIDENT GROWTH 12/1/2013
PRETIUM RESOURCES (PVG $5.43, rating Neutral and price target suspended from $14 previously) BULK SAMPLE TO RECOVER NEAR 5,000 OZ OR 25% ABOVE TARGET, BUT DEBATE OVER INTERPRETATION OF HIGH GRADE ASSAYS ONGOING 12/1/2013
KIRKLAND LAKE GOLD (KGILF $2.69, not rated) PREVIEW OF POSSIBLE FIRST QUARTERLY CONFERENCE CALL AROUND DECEMBER 12TH; FOCUS MAY BE QUICK MEASURES TO RETURN TO 25 FROM 12 TONS PER STOPE PER DAY 12/1/2013
ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) PEAK EARNINGS POWER WANES WITH PRICE-COST PRESSURES 1/24/2014
METALS – – COMPARISON OF ESTIMATED 2014, 2015 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) 1/21/2014
“DEMAND DESTRUCTION” OR “MARKET DESTRUCTION” DUE TO HIGH PRICES PREVENTS KEEPS SOME COMMODITIES IN THE PENALTY BOX 1/3/2014
WEYERHAUSER (WY: $31.28 rated Neutral with $35 up from $34 price target) LOWER YEAR END 2013 PENSION AND OTHER EMPLOYEE BENEFIT OBLIGATION MORE THAN OFFSETS LOWER OPERATING MARGIN ESTIMATES IN CELLULOSE FIBERS AND WOOD PRODUCTS 12/24/2013