MEADWESTVACO ($43.26 rated Neutral from Underweight with $36 up from $31 price target) LOWER CAPEX AND HIGHER 2015 ONWARDS EARNINGS ESTIMATES PROMPT UPGRADE 6/13/2014
METALS INDUSTRY – – FIRST BLUSH ESTIMATE OF POTENTIAL PRETAX IMPAIRMENT CHARGES IN CHINA 6/13/2014
ALUMINUM, NICKEL, LEAD, ZINC AND COPPER – – TIGHT NEW “CHOKE POINTS” USHER BULL MARKET WITH INDONESIAN BAN JANUARY 12TH AND POST-NOVEMBER 10TH CHINESE AIR POLLUTION ENFORCEMENT 6/4/2014
LUNDIN MINING (LUNMF U.S. $5.36, rated Overweight, price target $7) COVERAGE INITIATED AT OVERWEIGHT RATING BASED ON EXPOSURES TO Cu, Ni, Pb and Zn POTENTIAL PRICE RECOVERIES AND EAGLE MINE GRADES 6/4/2014
WEYERHAEUSER (WY $31.09, rated Overweight up from Neutral, $39 up from $35 price target) UPGRADED TO OVERWEIGHT BASED ON PREMIUM LOG PROFITS, POTENTIAL IMPROVED VALUATION AND FALLING INTEREST RATES 6/3/2014
RIO TINTO (RIO $52.24, RATED NEUTRAL, price target lowered to $55 from $58/share) NONFERROUS METALS PRICES RAISED; SIMANDOU PROJECT ENLARGED, PUSHED BACK AND CAP EX COSTS LARGER 6/2/2014
PLUM CREEK TIMBER (PCL $42.65 rated Overweight with $47 price target maintained) HIGHER LAND BASIS FOR REAL ESTATE SALES MOSTLY OFFSET BY HIGHER SOUTHERN HARVEST VOLUMES 7/29/2014
ANTOFAGASTA PLC (ANFGF $12.97, RATING OVERWEIGHT since June 4th, Price Target RAISED to $17 from $13/ADS share) HIGHER COPPER PRICE ESTIMATES GENERATE HIGHER EPS AND CASH FLOW ESTIMATES 7/2/2014
PRETIUM RESOURCES (PVG $8.32, rated Neutral) FOUR SIMULATED GRADE & TONNAGE SCENARIOS GIVE WIDE RANGE OF NPVs FROM $4,661 TO $485 MM 7/2/2014
DULUTH METALS (DULMF US $0.55, Upgraded to Overweight from Neutral; $2 to $5 price target range instituted from prior suspended price target) TOTAL DIVORCE FROM ANTOFAGASTA PLC A POSITIVE, AND TRIGGERS LIKELY SIX MONTH DEADLINE TO SELL 100% OF PROJECT …