AGNICO EAGLE MINES (AEM: $31.29 rated Overweight with $44 up from $42 price target) LOWER CASH OPERATING COST ESTIMATES AND A HIGHER PREMIUM TO NPV SLIGHTLY OFFSET BY A HIGHER EFFECTIVE TAX RATE 3/28/2014
ALCOA (AA $11.92, rating raised to Overweight from Neutral, Price Target raised to $17 from $12) HIGHER ESTIMATED MIDWEST PREMIUMS OVERCOMPENSATE FOR LOWER ESTIMATED 2014 and 2015 LME ALUMINUM INGOT PRICES RESULTING IN INCREASED EARNINGS ESTIMATES; ESTIMATED CAPITAL EXPENDITURES REDUCED …
ALUMINUM INDUSTRY – – SECONDARY SMELTERS PAY LME PRICES FOR USED BEVERAGE CAN SCRAP LARGELY JUSTIFYING MIDWEST PREMIUM 4/7/2014
U.S. STEEL (X $28.09; Rating Neutral; Price target $18) UNUSUAL AND WEATHER RELATED BUSINESS INTERRUPTIONS 4/3/2014
ALCOA (AA $12.53, rating Overweight, Price Target Raised to $18 form $17) ALUMINA AND INGOT PRICES BETTER THAN EXPECTED AS MIDWEST PREMIUMS & UBC SCRAP QUOTES SIGNAL TIGHTNESS; ESTIMATES RAISED A BIT; CAP EX HELD LOW 4/8/2014
FRANCO NEVADA (FNV $48.27 rated Neutral with $47 up from $41 price target) HIGHER PREMIUM TO NPV ASSIGNED DUE TO PORTFOLIO EXPLORATION UPSIDE; FOUR NEW ASSETS INCORPORATED INTO AND TASEKO “NEW PROSPERITY” REMOVED FROM PRODUCTION PROFILE. 4/8/2014
PLUM CREEK TIMBER (PCL: $41.09 rated Neutral with $45 up from $44 price target) ALMOST UPGRADED TO OVERWEIGHT WITH STOCK PRICE DECLINE 4/15/2014
RIO TINTO (RIO $55.42, RATED NEUTRAL, price target raised to $58 from $56/share) HIGHER MIDWEST PREMIUMS TO REALIZED ALUMINUM PRICES RAISE EARNINGS AND CASH FLOW ESTIMATES; LOWER NEAR TERM MET COAL AND ALUMINUM PRICE ESTIMATES PARTIALLY OFFSET EARNINGS 4/15/2014
AGNICO EAGLE MINES (AEM: $27.88 rated Overweight with $44 price target) ACQUISITION PROPOSAL POORLY UNDERSTOOD AND POORLY ACCEPTED, WHERE AEM MAY HAVE “PUT ITSELF IN PLAY” 4/16/2014
GOLD INDUSTRY – – – ESTIMATED TIMETABLE TO RESTART BARRICK’S PASCUA-LAMA MINE IN CHILE 4/27/2014