Smith Barney raises their targets for FCX (to $38 from $35), PD (to $60 from $52), N (to $28 from $24), NEM (to $48 from $40), and ABX (to $22 from $20), and upgrades PDG to In-Line from Underperform and raises their target to $15 from $12;
firm believes the group is in the early stages of a powerful liquidity- and recovery-driven commodity cycle, and expects metal prices to top out in 2005 and the stocks in 2004; firm's conviction is based on aggressive monetary/fiscal stimulus, the combination of a US recovery plus explosive metals demand in China, and supportive micro datapoints in scrap, inventories, and premia.
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