GOLD – – EXTREME DIVERGENT SEGMENTS OF MARKET 7/16/2014
GOLD – – EXTREME DIVERGENT SEGMENTS OF MARKET 7/16/2014
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CENTURY ALUMINUM (CENX $17.87, rating Neutral; price target raised to $16/share from $13/share) HIGHER PREMIUMS AND OUR SIMULATION OF TWIN BOOM YEARS IN 2018 AND 2019 BOOSTS TARGET WHILE HIGHER ESTIMATED COSTS AND INCREASED DISCOUNT RATES IN DCF MODEL PARTLY OFFSET 7/18/2014
CENTURY ALUMINUM (CENX $17.87, rating Neutral; price target raised to $16/share from $13/share) HIGHER PREMIUMS AND OUR SIMULATION OF TWIN BOOM YEARS IN 2018 AND 2019 BOOSTS TARGET WHILE HIGHER ESTIMATED COSTS AND INCREASED DISCOUNT RATES IN DCF MODEL PARTLY …
IRON ORE – – DISCOUNTS TO “62% BENCHMARK” RISE IN ABSOLUTE TERMS AS THE BENCHMARK PRICE FALLS; OUTPUT CUTS ERASE SURPLUS AND SUPPLY SHORTFALLS CONCEIVABLE 7/21/2014
IRON ORE – – DISCOUNTS TO “62% BENCHMARK” RISE IN ABSOLUTE TERMS AS THE BENCHMARK PRICE FALLS; OUTPUT CUTS ERASE SURPLUS AND SUPPLY SHORTFALLS CONCEIVABLE 7/21/2014
BARRICK GOLD (ABX $18.84 rated Underweight from Neutral with $12 down from $16 price target) NPV/SHARE DECLINES DUE TO THE REMOVAL OF PASCUA LAMA, LOWER 2014 AND 2015 ESTIMATD GOLD PRICES, HIGHER CASH OPERATING COSTS AT KEY MINES, AND RECOVERY LOSSES 7/23/2014
BARRICK GOLD (ABX $18.84 rated Underweight from Neutral with $12 down from $16 price target) NPV/SHARE DECLINES DUE TO THE REMOVAL OF PASCUA LAMA, LOWER 2014 AND 2015 ESTIMATD GOLD PRICES, HIGHER CASH OPERATING COSTS AT KEY MINES, AND RECOVERY …
BARRICK GOLD (ABX $18.84, rated Underweight from Neutral with $12 down from $16 price target) MAJOR POLICY DECISION ITINERARY TO 2016 WHOMEVER RUNS THE COMPANY 7/23/2014
BARRICK GOLD (ABX $18.84, rated Underweight from Neutral with $12 down from $16 price target) MAJOR POLICY DECISION ITINERARY TO 2016 WHOMEVER RUNS THE COMPANY 7/23/2014
METALS AND FOREST PRODUCTS – – “THINNING” OUR OVERWEIGHT RATINGS TO FOCUS ON HIGHER POTENTIAL COMPANIES 7/23/2014
METALS AND FOREST PRODUCTS – – “THINNING” OUR OVERWEIGHT RATINGS TO FOCUS ON HIGHER POTENTIAL COMPANIES 7/23/2014
BHP BILLITON (BHP $73.57, RATING REDUCED FROM OVERWEIGHT TO NEUTRAL, price target cut from $83 to $68) LOWER LONG TERM IRON ORE PRICE ESTIMATES DUE TO GREATER ESTIMATED DISCOUNTS TO BENCHMARK RESULT IN LOWER ESTIMATED EARNINGS AND CASH FLOW 7/24/2014
BHP BILLITON (BHP $73.57, RATING REDUCED FROM OVERWEIGHT TO NEUTRAL, price target cut from $83 to $68) LOWER LONG TERM IRON ORE PRICE ESTIMATES DUE TO GREATER ESTIMATED DISCOUNTS TO BENCHMARK RESULT IN LOWER ESTIMATED EARNINGS AND CASH FLOW 7/24/2014
PACKAGING CORPORATION OF AMERICA (PKG $67.77 rated Neutral with $81 up from $64 price target) LOWER OPERATING COST ESTIMATES BASED ON SYNERGIES AND THE START UP OF THE DERIDDER MILL IN Q4 2014; HIGHER PACKAGING SEGMENT REALIZATION ESTIMATES BASED ON Q2 2014 RESULTS AND ASSUMED FLAT PACKAGING PRICING THROUGH 2017. 7/25/2014
PACKAGING CORPORATION OF AMERICA (PKG $67.77 rated Neutral with $81 up from $64 price target) LOWER OPERATING COST ESTIMATES BASED ON SYNERGIES AND THE START UP OF THE DERIDDER MILL IN Q4 2014; HIGHER PACKAGING SEGMENT REALIZATION ESTIMATES BASED ON …
ROYAL GOLD (RGLD: $78.07 rated Neutral from Overweight with $67 down from $75 price target) PASCUA-LAMA REMOVED FROM LONG-TERM SIMULATION AND JUNE 26TH COURT DECISION CONCERNS MT. MILLIGAN 7/25/2014
ROYAL GOLD (RGLD: $78.07 rated Neutral from Overweight with $67 down from $75 price target) PASCUA-LAMA REMOVED FROM LONG-TERM SIMULATION AND JUNE 26TH COURT DECISION CONCERNS MT. MILLIGAN 7/25/2014
BARRICK GOLD (ABX $18.51 Underweight rating, $12 price target) WATER QUALITY VIOLATIONS AND OBJECTIONS TO PASCUA-LAMA PERMITS FROM CHILEAN PERSPECTIVE 7/28/2014
BARRICK GOLD (ABX $18.51 Underweight rating, $12 price target) WATER QUALITY VIOLATIONS AND OBJECTIONS TO PASCUA-LAMA PERMITS FROM CHILEAN PERSPECTIVE 7/28/2014