COPPER INDUSTRY – – EUROPEAN GROWTH, SMELTER BOTTLENECK AND LOW PRICES DRAW EXCHANGE INVENTORIES TO 314,905 T ON MAY 9TH 5/12/2014
FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.91, rated Overweight, price target raised from $60 to $72) HIGHER ESTIMATED MID-TERM COPPER OUPTUT AND LONG TERM OIL AND GAS OUTPUT INCREASE CASH FLOW; HIGHER DEPRECIATION CUTS EARNINGS WHILE INCREASING NPV VIA LESS TAXES …
METALS INDUSTRIES – – RESTORING INVESTOR CONFIDENCE; ESTIMATE INDUSTRYWIDE IMPAIRMENTS FALL 80% FROM PEAK IN 2014 5/12/2014
CENTURY ALUMINUM (CENX $13.98, rating Neutral; price target raised to $13/share from $11/share) HELGUVIK AND RAVENSWOOD REMOVED FROM OUR MODELS; NEAR TERM LME ALUMINUM ESTIMATES LOWERED; MIDWEST PREMIUM ESTIMATES AND FUTURE ALUMINA COSTS RAISED 5/14/2014
NORBORD (NBRXF: US $26.14 rated Overweight from with US $42 up from $36 price target) LOWER 2014 AND 2015 EARNINGS ESTIMATES DUE TO LOWER OSB PRICES; NPV IMPROVES FROM LOWER OPERATING COST ESTIMATES BOTH IN NORTH AMERICAN AND EUROPEAN SEGMENTS. …
LOUISIANA-PACIFIC (LPX $14.25, rated Overweight with $18 down from $20 price target) DESPITE AINSWORTH DEAL CANCELLATION ON ANTITRUST BASIS, FAVORABLE 3.35% THIRTY YEAR BOND OFFERS OSB PRICE GAINS 5/16/2014
PLUM CREEK TIMBER (PCL: $42.58, rated Overweight up from Neutral; price target $47 up from $45) EARNINGS ESTIMATES INCREASED 10% TO 15% AND UPGRADED TO OVERWEIGHT WITH HIGHER LOG PRICE ESTIMATES 5/21/2014
SPOT MARKETS – – INVENTORIES FALL; LEAD, ZINC & NICKEL OUTPUTS FALL WHILE STAINLESS STEEL, IRON ORE AND MET COAL OUTPUTS RISE; PRICE ESTIMATES CUT FOR GOLD & SILVER AND Cu, Ni, Pb and Zn RAISED 5/29/2014
AGNICO EAGLE MINES (AEM $29.74 rated Overweight with $37 down from $38 price target) INCLUSION OF PRODUCTION FROM CANADIAN MALARTIC, UPPER BEAVER, AND SATELLITE ZONES OF GOLDEX; PHOTO TOUR OF MAY 21, 2014 TRIP TO LARONDE, CANADIAN MALARTIC, AND GOLDEX. …
NUCOR (NUE $50.99, rated Neutral up from Underweight; price target raised to $43 from $28) INVESTMENT RATING RAISED TO NEUTRAL AND PRICE TARGET TO $43 FROM $28 AS GREATER FREE CASH FLOWS EVOLVING 5/22/2014