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AA

Alcoa

$45.29

-0.09 (-0.20%)

, FCX

Freeport McMoRan

$13.89

-0.17 (-1.21%)

17:55
09/25/17
09/25
17:55
09/25/17
17:55

Morgan Stanley raising price targets on Metals & Mining stocks

Morgan Stanley analyst Piyush Sood is "more constructive" in his outlook for base metals and met coal stocks and raised his price targets on Alcoa (AA) to $54 from $47, Freeport-McMoRan (FCX) to $10 from $8, Teck Resources (TECK) to $20 from $17, Newmont Mining (NEM) to $33 from $31, and Warrior Met Coal (HCC) to $22 from $17. Sood added that Alcoa remains his top pick. However, Sood lowered the price target of Cleveland-Cliffs (CLF) to $7 from $8.

AA

Alcoa

$45.29

-0.09 (-0.20%)

FCX

Freeport McMoRan

$13.89

-0.17 (-1.21%)

TECK

Teck Resources

$21.24

-0.72 (-3.28%)

NEM

Newmont Mining

$38.63

0.74 (1.95%)

HCC

Warrior Met Coal

$24.11

0.76 (3.25%)

CLF

Cleveland-Cliffs

  • 25

    Sep

  • 02

    Oct

  • 20

    Oct

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    Oct

AA Alcoa
$45.29

-0.09 (-0.20%)

09/19/17
MSCO
09/19/17
NO CHANGE
Target $47
MSCO
Overweight
Alcoa estimates raised above consensus ahead of Q3 report at Morgan Stanley
Morgan Stanley analyst Piyush Sood raised his Q3 EPS forecast for Alcoa to 80c, above the current consensus of 70c, citing expectations for higher aluminum prices, lower alumina costs in the aluminum segment and improved bauxite segment performance. He maintains an Overweight rating on the stock ahead of the company's report, which is scheduled for October 18.
09/22/17
BREN
09/22/17
DOWNGRADE
Target $44
BREN
Hold
Alcoa downgraded to Hold from Buy at Berenberg
Berenberg analyst Yuriy Vlasov downgraded Alcoa to Hold while raising his price target for the shares to $44 from $41.
09/22/17
09/22/17
DOWNGRADE
Target $44

Hold
Alcoa downgraded to Hold, take profits, says Berenberg
As previously reported, Berenberg analyst Yuriy Vlasov downgraded Alcoa (AA) to Hold while raising his price target for the shares to $44 from $41. The analyst said Alcoa shares are up 43% over the past six months and recommends taking profits. Vlasov also highlights potential M&A saying Alcoa could either buy the remaining 40% Alcoa Worldwide Alumina and Chemicals stake from Alumina Ltd or buy Alumina Ltd altogether.
09/22/17
09/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Versartis (VSAR) was downgraded to Hold from Buy at SunTrust, to Underweight from Overweight at Barclays, to Neutral from Overweight at Piper Jaffray, and to Market Perform from Outperform at Cowen. 2. Tiffany (TIF) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying the company's high-end categories, including engagement, wedding and solitaire jewelry, decelerated in the last two quarters. 3. Airbus (EADSY) downgraded to Hold from Buy at Jefferies with analyst Sandy Morris saying the company's EBIT in fiscal 2018 and fiscal 2019 could track significantly below consensus expectations. 4. Alcoa (AA) downgraded to Hold from Buy at Berenberg with analyst Yuriy Vlasov saying Alcoa shares are up 43% over the past six months and recommends taking profits. 5. U.S. Steel (X) was downgraded to Underperform from Market Perform while ArcelorMittal (MT) was downgraded to Market Perform from Outperform at Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FCX Freeport McMoRan
$13.89

-0.17 (-1.21%)

07/12/17
BREN
07/12/17
DOWNGRADE
BREN
Sell
Freeport McMoRan downgraded to Sell from Hold at Berenberg
Berenberg analyst Fawzi Hanano downgraded Freeport McMoRan to Sell.
09/15/17
CIBC
09/15/17
INITIATION
Target $18
CIBC
Outperformer
Freeport McMoRan initiated with an Outperformer at CIBC
CIBC initiated Freeport McMoRan with an Outperformer and an $18 price target.
09/07/17
MACQ
09/07/17
INITIATION
Target $16
MACQ
Neutral
Freeport McMoRan initiated with a Neutral at Macquarie
Macquarie analyst David Lipschitz initiated Freeport McMoRan with a Neutral and a $16 price target. The analyst believes the copper market has tightened but feels it is still oversupplied in the medium term.
07/12/17
07/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Monsanto (MON) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying Bayer's (BAYRY) all-cash offer appears on track for year-end. The analyst views the deal failing as a "low-probability scenario" and keeps a $128 price target for the shares. 2. Freeport McMoRan (FCX) downgraded to Sell from Hold at Berenberg. 3. Kimberly-Clark (KMB) downgraded to Sell from Neutral at UBS with analyst Stephen Powers saying the stock's 11% rise year-to-date is not based on fundamentals but news flow of consolidation in the Household Products sector. 4. Harley-Davidson (HOG) downgraded to Market Perform from Outperform at Bernstein with analyst David Beckel citing his belief that "demographic shifts and a stagnating economy" will prevent demand for the company's motorcycles from growing in the U.S. for the next five years. 5. IMAX (IMAX) downgraded to Market Perform from Outperform at Barrington with analyst James Goss saying positive catalysts "might take some time to develop." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
TECK Teck Resources
$21.24

-0.72 (-3.28%)

09/18/17
09/18/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Teck Resources (TECK) initiated with a Sell at Axiom. 2. GenMark (GNMK) initiated with a Buy at BofA/Merrill. 3. Cirrus Logic (CRUS) initiated with an Underperform at BofA/Merrill. 4. Athenex (ATNX) initiated with an Outperform at Credit Suisse. 5. Brookfield Infrastructure (BIP) reinitiated with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/30/17
BOFA
06/30/17
UPGRADE
BOFA
Buy
Teck Resources upgraded to Buy from Neutral at BofA/Merrill
09/18/17
AXIO
09/18/17
INITIATION
Target $15.6
AXIO
Sell
Teck Resources initiated with a Sell at Axiom
Axiom analyst James Bardowski started Teck Resources with a Sell rating and $15.60 price target. The analyst sees China's economic growth moderating, driving a widening excess of coking coal in 2018.
09/22/17
DBAB
09/22/17
NO CHANGE
Target $26
DBAB
Buy
Teck Resources target raised to $26 after mine visit at Deutsche Bank
After visiting Red Dog in Alaska, the world's second largest zinc mine, Deutsche Bank analyst Chris Terry raised his price target on Teck Resources to $26 from $24. The analyst sees improved zinc production and a longer mine life from recent exploration success. He views Teck as undervalued and keeps a Buy rating on the shares.
NEM Newmont Mining
$38.63

0.74 (1.95%)

06/15/17
RAJA
06/15/17
INITIATION
Target $43
RAJA
Outperform
Newmont Mining initiated with an Outperform at Raymond James
Raymond James analyst Brian MacArthur initiated Newmont Mining with an Outperform and a $43 price target telling investors it has done an "excellent job" restructuring its portfolio and improving its operational excellence with a stable portfolio and solid cash flow.
07/05/17
SCOT
07/05/17
UPGRADE
SCOT
Outperform
Newmont Mining upgraded to Outperform from Sector Perform at Scotiabank
07/27/17
ARGS
07/27/17
UPGRADE
ARGS
Buy
Newmont Mining upgraded to Buy from Hold at Argus
07/27/17
ARGS
07/27/17
UPGRADE
ARGS
Buy
Newmont Mining upgraded on results, cost cutting outlook at Argus
As noted earlier, Argus upgraded Newmont to Buy from Hold. Analyst David Coleman upgraded the stock based on the company's Q2 results which he views as "strong" and his belief that the company will be able to cut costs going forward. Target $43.
HCC Warrior Met Coal
$24.11

0.76 (3.25%)

06/27/17
06/27/17
DOWNGRADE
Target $17

Equal Weight
Follow-up: Warrior Met Coal downgraded to Equal Weight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Warrior Met Coal to Equal Weight from Overweight and cut its price target to $17 from $27. Analyst Evan Kurtz has increased concerns about met coal following a recent trip to China saying he sees risks from higher international met coal supply, a low probability of reduced Chinese supply, and peak steel demand in China during 2017-18. Morgan Stanley's commodity team expects benchmark pricing to fall to 100/ton from the current $140/ton by 2019 and for a surplus to form after 2017 as China increases domestic supply and steel production rates slow.
07/12/17
MKMP
07/12/17
INITIATION
Target $18
MKMP
Neutral
Warrior Met Coal initiated with a Neutral at MKM Partners
MKM Partners analyst Daniel Scott initiated Warrior Met Coal with a Neutral and an $18 price target saying shares are fairly valued.
09/07/17
MACQ
09/07/17
INITIATION
Target $24
MACQ
Underperform
Warrior Met Coal initiated with an Underperform at Macquarie
Macquarie analyst David Lipschitz initiated Warrior Met Coal with an Underperform and a $24 price target telling investors shares are overvalued based on his coking coal forecast of $130/mt for 2018.
06/27/17
MSCO
06/27/17
DOWNGRADE
MSCO
Equal Weight
Warrior Met Coal downgraded to Equal Weight from Overweight at Morgan Stanley
CLF Cleveland-Cliffs

04/28/17
04/28/17
UPGRADE

Outperform
Cliffs Natural upgraded to Outperform from Market Perform at FBR Capital
03/27/17
JPMS
03/27/17
NO CHANGE
Target $13
JPMS
Overweight
JPMorgan ups Cliffs target to $13 on higher iron ore prices
JPMorgan analyst Michael Gambardella raised his price target for Cliffs Natural Resources to $13 from $12 citing his firm's higher iron ore price forecasts. Chinese steel demand has proven to be more resilient, Gambardella tells investors in a research note. The analyst keeps an Overweight rating on Cliffs.
07/31/17
AXIO
07/31/17
NO CHANGE
AXIO
Sell
Axiom says 'now is the time' to short U.S. Steel, maintains Sell rating
Axiom analyst Gordon Johnson II believes "now is the time" to short U.S. Steel (X) and Cliffs Natural (CLF) shares and to go underweight the U.S. steel sector, as he sees an increasing likelihood of an indefinite delay in the US Commerce Department's 232 steel tariff decision. He also thinks the contribution to China's GDP growth from commodity-intensive sectors may have peaked, he tells investors. The analyst keeps a Sell rating on U.S. Steel shares.
02/10/17
JPMS
02/10/17
NO CHANGE
Target $12
JPMS
Overweight
Cliffs Natural price target raised to $12 from $10 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Cliffs Natural Resources to $12 saying the company remains well positioned for higher earnings and cash flow. Domestic steel prices can be supported at the current higher, more sustainable level given reduced steel imports from trade cases and President Trump's focus on enforcing U.S. trade laws, Gambardella tells investors in a research note. He keeps an Overweight rating on Cliffs.

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