METALS INDUSTRIES – – RESTORING INVESTOR CONFIDENCE; ESTIMATE INDUSTRYWIDE IMPAIRMENTS FALL 80% FROM PEAK IN 2014 5/12/2014
METALS INDUSTRIES – – RESTORING INVESTOR CONFIDENCE; ESTIMATE INDUSTRYWIDE IMPAIRMENTS FALL 80% FROM PEAK IN 2014 5/12/2014
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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
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. 5/15/2014
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
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
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
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. 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
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
ALLEGHENY TECHNOLOGIES (ATI $40.77, rated Overweight with price target $44) BOEING PLANS SLOW 787 VOLUME RISES AS COSTS STINK; VISIT TO EVERETT, WA ASSEMBLY PLANT AND BOEING MAY 21ST INVESTOR DAY 5/22/2014
ALLEGHENY TECHNOLOGIES (ATI $40.77, rated Overweight with price target $44) BOEING PLANS SLOW 787 VOLUME RISES AS COSTS STINK; VISIT TO EVERETT, WA ASSEMBLY PLANT AND BOEING MAY 21ST INVESTOR DAY 5/22/2014
HUDBAY MINERALS (HBM US $9.13; Rating Underweight; Price Target RAISED from $3.50/ to $6/share) PRICE ESTIMATES RAISED FOR COPPER AND ZINC RAISING EPS, CASH FLOW, TARGETS; AUGUSTA RESOURCES’ ROSEMONT PROJECT (AZC; $2.80) EXCLUDED FROM MODELS CUTTING FUTURE CAP EX 5/29/2014
HUDBAY MINERALS (HBM US $9.13; Rating Underweight; Price Target RAISED from $3.50/ to $6/share) PRICE ESTIMATES RAISED FOR COPPER AND ZINC RAISING EPS, CASH FLOW, TARGETS; AUGUSTA RESOURCES’ ROSEMONT PROJECT (AZC; $2.80) EXCLUDED FROM MODELS CUTTING FUTURE CAP EX 5/29/2014