【出版时间及名称】：2010年2月美国金属与矿产行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：
US Metals & Mining Sector
FORECAST INCREASE
Global Price Forecast Update
As part of the CS Global Metals & Mining Team’s quarterly commodity price
update, we are raising our copper, aluminum and metallurgical coal price
forecasts. (Please see Global Note, Commodities Quarterly: Bulk up, published
Feb. 4, 2010, in Australia, for full details.)
Summary of Price Revisions
■
We are raising our global metallurgical coal (HCC) price forecasts for 2010 from
$160 to $190, 2011 from $160 to $175, and 2012 from $150 to $165.
■
We are raising our copper price forecasts for 2010 from $2.90 to $3.30, for 2011
from $3.30 to $3.40, and 2012 from $2.90 to $3.30.
■
We are raising our aluminum price forecasts for 2010 from $0.90 to $1.00. Our
2011 and 2012 forecasts of $1.10/lb and $1.00/lb, respectively, remain
unchanged.
Summary of Company EPS Revisions (All target prices are unchanged)
■
Alcoa Inc. (AA, $13.49, OUTPERFORM [V], TP $19.00) – We are raising our
2010 EPS estimate from $0.90 to $1.38.
■
Century Aluminum Company (CENX, $12.19, OUTPERFORM [V], TP $20.00)
– We are raising our 2010 EPS estimate from $0.58 to $1.44.
■
Freeport-McMoRan Copper & Gold (FCX, $70.46, OUTPERFORM [V], TP
$95.00) – We are raising our 2010 estimate from $7.13 to $8.68, our 2011
estimate from $9.38 to $9.66, and our 2012 estimate from $8.39 to $9.86.
■
Alpha Natural Resources LLC (ANR, $43.06, NEUTRAL [V], TP $45.00) – We
are raising our 2010 EPS estimate from $2.26 to $3.39, and 2011 from $2.60 to
$3.34.
■
Arch Coal, Inc. (ACI, $22.05, NEUTRAL [V], TP $24.00) – We are raising our
2010 EPS estimate from $0.72 to $0.87, 2011 from $2.15 to $2.31, and 2012
from $3.00 to $3.30.
■
CONSOL Energy Inc. (CNX, $49.14, OUTPERFORM [V], TP $57.00) – We
are raising our 2010 EPS estimate from $2.67 to $2.79, 2011 from $4.44 to
$4.59, and 2012 from $5.51 to $5.74.
■
Peabody Energy Corp (BTU, $44.07, OUTPERFORM [V], TP $52.00) – We
are raising our 2010 EPS estimate from $2.66 to $3.13, 2011 from $3.54 to
$4.50, and 2012 from $4.00 to $4.68.