Hecla (HL) (MTL) (MT) (POT) (AGU) (PAAS) (AXP) Ratings, Price Targets

Hecla Mining (HL), Mechel (MTL), ArcelorMittal (MT), Potash (POT), Agrium Inc. (AGU), Pan American Silver (PAAS) and American Express (AXP) had ratings and price targets on them adjusted by analysts.

BNP Paribas upgraded ArcelorMittal (MT) from an "Underperform" rating to a "Neutral" rating.

UBS AG downgraded Mechel (MTL) from a "Buy" rating to a "Neutral" rating.

Stifel Nicolaus initiated coverage on Potash (POT). They placed a "Buy" rating and price target of $56.00 on the company.

Stifel Nicolaus initiated coverage on Agrium Inc. (AGU). They placed a "Buy" rating and price target of $105.00 on the company.

Deutsche Bank initiated coverage on Hecla Mining (HL). They placed a "Hold" rating and price target of $5.50 on the company.

BMO Capital Markets initiated coverage on Pan American Silver (PAAS). They placed an "Outperform" rating and price target of $35.00 on the company.

Wells Fargo & Co. downgraded American Express (AXP) from an "Outperform" rating to a "Market Perform" rating.

Hartford (HIG) (IEX) (MT) (OVTI) Price Targets Changed

Hartford Financial (NYSE: HIG), IDEX Corp (NYSE: IEX), ArcelorMittal (NYSE: MT) and OmniVision Technologies, Inc. (NASDAQ: OVTI) price targets adjusted by analysts.

Hartford Financial (HIG) had its price target lowered by Argus from $36.00 to $26.00. They have a “Buy” rating on the company.

IDEX Corp. (IEX) had its price target lowered by Oppenheimer from $55.00 to $50.00. They have an “Outperform” rating on the company.

ArcelorMittal (MT) had its price target lowered by Deutsche Bank (NYSE:DB) from $38.50 to $24.50. They have a “Hold” rating on the company.

OmniVision Technologies, Inc. (OVTI) had its price target lowered by Needham & Company from $45.00 to $30.00. They have a “Strong Buy” rating on the company.

ZAGG (ZAGG) (DDD) (MT) (BAC) (BAX) (BIG) Ratings Reiterated

ZAGG (NASDAQ:ZAGG), 3D Systems (NYSE:DDD), Arcelor Mittal (NYSE:MT), Bank of America (NYSE:BAC), Baxter (NYSE:BAX) and Big Lots (NYSE:BIG) had rating on them reiterated by analysts.

Northland Securities reiterated its rating on ZAGG (ZAGG). They have an "Outperform" rating on the company, and raised its price target from $20 to $22.

Barclays Capital reiterated its rating on 3D Systems (DDD). They have an "Equal Weight" rating on the company, and cut its price target from $23 to $19.

Deutsche Bank (NYSE:DB) reiterated its rating on Arcelor Mittal (MT). They have a "Hold" rating on the company, and slashed their price target on them from $38.50 to $24.50.

RBC Capital Markets reiterated its rating on Bank of America (NYSE:BAC). They have an "Outperform" rating on the company, and lowered their price target from $12 to $10.

Ticonderoga reiterated its rating on Baxter (NYSE:BAX). They have a "Buy" rating on the company, and raised their price target from $60 to $62.

China Sunergy (CSUN) (ECA) (HPQ) (MT) Downgraded

China Sunergy Co. Ltd (NASDAQ: CSUN), EnCana Co. (NYSE: ECA), Hewlett-Packard (NYSE: HPQ) and ArcelorMittal ADR (NYSE: MT) downgraded by analysts.

China Sunergy Co. Ltd (CSUN) was downgraded by Collins Stewart from a “Buy” rating to a “Neutral” rating. They have a price target of $1.60 on the company, down from $2.50.

EnCana Co. (ECA) was downgraded by The Benchmark Company from a “Buy” rating to a “Hold” rating.

Hewlett-Packard (HPQ) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating. They have a price target of $30.00 on the company, down from $35.00.

ArcelorMittal (MT) was downgraded by Nomura from a “Buy” rating to a “Neutral” rating.

Ratings on Arch Coal (ACI) (CLNE) (MT) (WM) (PG) Changed by Analysts

Ratings on Arch Coal, Inc. (NYSE: ACI), Clean Energy Fuels Corp. (NASDAQ: CLNE), ArcelorMittal (NYSE: MT), Waste Management Inc (NYSE: WM) and Procter & Gamble (NYSE: PG) adjusted by analysts.

RBC Capital upgraded Arch Coal, Inc. (ACI) from a “sector perform” rating to an “outperform” rating.

Northland Securities upgraded Clean Energy Fuels Corp. (CLNE) from a “market perform” rating to an “outperform” rating.

Societe Generale upgraded ArcelorMittal (MT) from a “hold” rating to a “buy” rating.

Wedbush downgraded Waste Management Inc (WM) from a “neutral” rating to an “underperform” rating. They also cut their price target from $40.00 to $34.00 a share.

Jefferies (NYSE:JEF) downgraded Procter & Gamble (PG) from a “buy” rating to a “hold” rating.

Procter & Gamble closed Tuesday at $64.53, falling $0.19, or 0.29 percent. Waste Management closed at $36.63, down $0.52, or 1.40 percent. ArcelorMittal ended the session at $32.58, dropping $0.31, or 0.94 percent. Clean Energy Fuels Corp. closed at $15.08, gaining $1.96, or 14.94 percent. Arch Coal closed at $25.39, losing $0.05, or 0.20 percent.

Mechel OAO (MTL) Faces Cost, Price Volatility

Mechel OAO (NYSE:MTL) is under pressure with the rest of the steel sector as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel industry based on the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT). Even after beating estimates for the latest quarter the stock was punished on a weak outlook, dragging down much of the sector with it.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Mechel OAO operates as a mining and steel company in the Russian Federation and internationally.

Steel's (WOR) (MEA) (AKS) (MT) (CRS) Face Uncertainty

Steelmakers Worthington Industries, Inc. (NYSE:WOR), Metalico Inc. (AMEX:MEA), AK Steel Holding Corporation (NYSE:AKS), ArcelorMittal (NYSE:MT) and Carpenter Technology (NYSE:CRS) are under pressure as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel sector as evidenced by the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT), even after beating estimates for the latest quarter the stock was punished on a weak outlook.

In the short term Arcelor was able to offset higher costs of raw materials by boosting prices, but for the overall steel industry it's questionable as to how high and long they'll be able to do that.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Ex-Dividend for (HQL) (MAB) (MIW) (MT) (MXIM) is May 20

The ex-dividend date for H&Q Life Sciences Investors (NYSE:HQL), Eaton Vance Massachusetts Municipal Bond Fund (NYSE:MAB), Eaton Vance Michigan Municipal Bond Fund (NYSE:MIW), ArcelorMittal SA (NYSE:MT) and Maxim Integrated Products (NASDAQ:MXIM) is May 20.

H&Q Life Sciences Investors (HQL) pays a dividend of $0.26 with a yield of 8.02 percent.

Eaton Vance Massachusetts Municipal Bond Fund (MAB) pays a dividend of $0.07 with a yield of 6.46 percent.

Eaton Vance Michigan Municipal Bond Fund (MIW) pays a dividend of $0.07 with a yield of 6.45 percent.

ArcelorMittal SA (MT) pays a dividend of $0.16 with a yield of 1.85 percent.

Maxim Integrated Products (MXIM) pays a dividend of $0.21 with a yield of 3.01 percent.

Steel's (WOR) (MEA) (AKS) (MT) (CRS) Face Uncertainty

Steelmakers Worthington Industries, Inc. (NYSE:WOR), Metalico Inc. (AMEX:MEA), AK Steel Holding Corporation (NYSE:AKS), ArcelorMittal (NYSE:MT) and Carpenter Technology (NYSE:CRS) are under pressure as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel sector as evidenced by the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT), even after beating estimates for the latest quarter the stock was punished on a weak outlook.

In the short term Arcelor was able to offset higher costs of raw materials by boosting prices, but for the overall steel industry it's questionable as to how high and long they'll be able to do that.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

ArcelorMittal (NYSE:MT) closed Wednesday at $34.51, plunging $2.25, or 6.12 percent. After hours they continued down, falling to $34.43, down another $0.08, or 0.23 percent.

Tenaris SA (NYSE:TS) Faces Cost, Price Volatility

Tenaris SA (NYSE:TS) is under pressure with the rest of the steel sector as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel industry based on the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT). Even after beating estimates for the latest quarter the stock was punished on a weak outlook, dragging down much of the sector with it.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Tenaris S.A. participates in the manufacture and sale of steel pipe products.

Tenaris SA (NYSE:TS) closed Wednesday at $32.30, down $0.74, or 2.24 percent.

Ternium S.A. (TX) Faces Cost, Price Volatility

Ternium S.A. (NYSE:TX) is under pressure with the rest of the steel sector as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel industry based on the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT). Even after beating estimates for the latest quarter the stock was punished on a weak outlook, dragging down much of the sector with it.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Ternium S.A. participates in the manufacture and processing of flat and long steel products for construction, home appliances, capital goods, container, food, energy, and automotive industries.

Ternium S.A. (TX) closed Wednesday at $32.30, down $0.74, or 2.24 percent.

Gerdau S.A. (GGB) Faces Cost, Price Volatility

Gerdau S.A. (NYSE:GGB) is under pressure with the rest of the steel sector as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel industry based on the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT). Even after beating estimates for the latest quarter the stock was punished on a weak outlook, dragging down much of the sector with it.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Gerdau S.A. participates in the production and sale of steel products in Brazil and internationally.

Gerdau S.A. (GGB) closed Wednesday at $45.67, down $1.08, or 2.31 percent.

Nucor (NUE) Faces Cost, Price Volatility

Nucor (NYSE:NUE) is under pressure with the rest of the steel sector as costs mount for raw materials and steel demand slows.

A lot of uncertainty surrounds the steel industry based on the guidance given by the largest steelmaker in the world - ArcelorMittal (NYSE:MT). Even after beating estimates for the latest quarter the stock was punished on a weak outlook, dragging down much of the sector with it.

Softer steel prices in North America and Europe point to major challenges going forward for steel companies, as margins will continue to come under pressure.

According to Banco Santander SA, costs of coking coal jumped 68 percent and iron ore 77 percent in the first quarter of 2011.

The steel industry is projected to grow at a 5.9 percent clip this year, says the World Steel Association. Some think that's at the high end of the spectrum.

Pricing will remain a challenge in light of the new pricing system put in place where steelmakers say it's harder to pass on costs to customers because of difficulty in projecting costs.

Expectations are the second half of 2011 will be slow for the industry.

Nucor Corporation participates in the manufacture and sale of steel and steel products in North America and internationally.

Nucor (NUE) closed Wednesday at $44.26, down $0.70, or 1.56 percent.

Ratings on (MCD) (MDMD) (MT) (MU) (MXIM) Reiterated

Ratings on shares of McDonald’s (NYSE: MCD), Mediamind Technologies (NASDAQ: MDMD), ArcelorMittal ADR (NYSE: MT), Micron Technology, Inc. (NYSE: MU) and Maxim Integrated Products Inc. (NASDAQ: MXIM) were reiterated by analysts.

Deutsche Bank (NYSE:DB) reiterated a “buy” rating on McDonald’s (MCD).

JPMorgan Chase & Co. (NYSE:JPM) reiterated an “overweight” rating of Mediamind Technologies (MDMD). They have a price target of $17.00 on the company.

DA Davidson reiterated a “hold” rating on ArcelorMittal (MT).

Deutsche Bank reiterated a “hold” rating on Micron Technology, Inc. (MU). They have a price target of $11.00 on the company.

Deutsche Bank reiterated a “hold” rating on Maxim Integrated Products Inc. (MXIM). They have a price target of $26.00 on the company.

Outlook for Arcelor Mittal (MT) in the Years Ahead

Arcelor Mittal (NYSE:MT) will no doubt be affected by the proposed slowdown in steel production in China which will also affect imports, as China will start rolling blackouts earlier than usual, which always is directed towards the steel industry in the country in the beginning of the process and onwards.

Tightening of the economy is also a major factor as China continues to attempt to rein in inflation after overstimulating the economy by printing money.

According to the China Iron & Steel Association, the Chinese government is pushing to slow down economic growth, with one of the consequences being the demand for steel slowing down.

Expectations are steel consumption in China will drop by up to 4.6 percent in 2011, with the minimum outlook being a 2.6 percent drop in consumption.

Higher input costs and product prices are weighing heavily on the industry, and it's not clear how much the industry will be able to past on to their customers before they cut back on buying.

Industry observers see the next five year as being challenging for the industry as far as growth goes.

Arcelor Mittal participates in the production and marketing of a wide variety of steel products around the world.

Arcelor Mittal closed Friday at $33.43, falling $1.35, or 3.88 percent.

Steel's (CPSL) (GNI) (ZEUS) (WOR) (MT) and China Demand

For the most part, as goes China so goes the demand for steel, and in that regard it doesn't look good for steel companies like China Precision Steel, Inc. (Nasdaq:CPSL), Great Northern Iron Ore Proper (NYSE:GNI), Olympic Steel Inc. (Nasdaq:ZEUS), Worthington Industries, Inc. (NYSE:WOR) and ArcelorMittal (NYSE:MT), which are going to be pressured in the years ahead from declining demand from the Middle Kingdom.

According to the China Iron & Steel Association, the Chinese government is pushing to slow down economic growth, which will result in demand for steel in the country to slow down.

Estimates under the current scenario for the steel sector have steel consumption declining in China by a minimum of 2.6 percent to as high as 4.6 percent in 2011.

Globally it doesn't look good for the next five years or so either, as the top estimates are for steel demand to grow at a 5 percent rate annually, although many think it'll be less than that.

In the short term, the U.S. steel industry should ship product at 14 percent above 2010 levels, reaching about 95 million tons in 2011.

All the companies are being affected by soaring iron ore prices and other inputs, which are putting stress on margins and earnings because buyers are hesitating to acquire product at too high of prices; something that will continue for several years.

For the steel industry, there isn't much to be optimistic about, no matter how the situation is spun. It's going to remain tough for some time.

Steel Firms (STLD) (HAYN) (CMC) (AKS) (MT) Pressured on Low Growth Outlook

The steel sector, even with some strong recent quarters from companies, looks weak, as over the next five years it is projected to grow at a pace of about 5 percent or less annually, placing downward pressure on steel producers like Steel Dynamics Inc. (Nasdaq:STLD), Haynes International Inc. (Nasdaq:HAYN), Commercial Metals Company (NYSE:CMC), AK Steel Holding Corporation (NYSE:AKS) and ArcelorMittal (NYSE:MT). And that's the more positive outlook by most analysts. A large number don't believe growth will even happen at that rate.

A majority of steel companies are being pressured to increase prices on their products in order to protect margins and earnings as the price of inputs and commodities rise.

That's not to say steel demand is falling completely, because it's not. But rising demand in some segments doesn't guarantee rising profits, as the industry is experiencing. A number of weak economies around the world could cut also into demand if steel prices and products rise to prohibitive levels.

There's no way to spin the outlook for the steel industry positively. The industry will struggle for years even in the midst of strong demand in some segments, as they attempt to work out the balance between steel demand, rising inputs, and ability for companies and countries to afford price increases from producers.

Steel Dynamics closed Friday at $18.19, up $0.01, or 0.06 percent.

POSCO (PKX) (HSC) (FRD) (CHOP) (MT) Pressured on Low Growth Steel Outlook

The steel industry, even with some strong recent quarters, looks weak, as over the next five years it is expected to grow at a pace of about 5 percent or less annually, putting downward pressure on steel producers like Harsco Corporation (NYSE:HSC), Friedman Industries Inc. AMEX:FRD), China Gerui Advanced Materials (Nasdaq:CHOP), POSCO (NYSE:PKX) and ArcelorMittal (NYSE:MT); although they traded a little stronger Thursday.

A majority of steel companies are being forced to raise prices on their products in order to protect margins and earnings as the price of inputs and commodities rise.

That's not to say steel demand is falling, because it's not. But rising demand doesn't guarantee rising profits, as the industry is experiencing. A number of weak economies around the world could cut also into demand if steel prices and products rise to prohibitive levels.

There's no way to spin the outlook for the steel industry positively.

The industry will struggle for years even in the midst of strong demand, as they attempt to work out the balance between steel demand, rising inputs, and ability for companies and countries to afford price increases from producers.

It also looks like the U.S. economy is starting to sputter again, and that's not good news for the steel industry either.

Insteel (IIIN) (CHOP) (NUE) (MT) Close Mixed on Cost, Growth Concerns

The steel industry, even with some strong recent quarters, looks weak, as over the next five years it is expected to grow at a pace of about 5 percent or less annually, putting downward pressure on steel producers like Insteel Industries Inc. (Nasdaq:IIIN), China Gerui Advanced Materials (Nasdaq:CHOP), Nucor (NYSE:NUE) and ArcelorMittal (NYSE:MT), which closed mixed on Tuesday. And that's the more positive outlook by the majority of analysts. Many don't think growth will even happen at those modest levels.

A majority of steel companies are being forced to raise prices on their products in order to protect margins and earnings as the price of inputs and commodities rise.

That's not to say steel demand is falling, because it's not. But rising demand doesn't guarantee rising profits, as the industry is experiencing. A number of weak economies around the world could cut also into demand if steel prices and products rise to prohibitive levels.

Of course there a large varieties of companies with steel exposure, and each segment of the sector can represent strengths or weaknesses. So each unit and company will have to be watched closely for performance of course.

There's no way to spin the outlook for the steel industry in a positive manner. The industry will struggle for years even in the midst of strong demand as it attempts to work through the balance between steel demand, rising inputs, and ability for companies and countries to afford price increases from producers.

Some winners will emerge, but over time it's not easy to pick any one that's going to stand out. Some have looked to larger companies who may be able to navigate through the higher costs better, but we'll see if that's the case, as it isn't always that simple because of the wide variety of products and costs and pricing power with each one.

Nucor (NUE) (CMC) (CPSL) (MT) Pressured on Low Growth Outlook

The steel industry, even with some strong recent quarters, looks weak, as over the next five years it is expected to grow at a pace of about 5 percent or less annually, putting downward pressure on steel producers like Commercial Metals Company (NYSE:CMC), China Precision Steel, Inc. (Nasdaq:CPSL), Nucor (NYSE:NUE) and ArcelorMittal (NYSE:MT), even with a couple of decent quarterly results coming from their peers, like Steel Dynamics (NASDAQ:STLD). And that's the more positive outlook by the majority of analysts. Many don't think growth will happen even at that rate.

A majority of steel companies are being pressured to raise prices on their products in order to protect margins and earnings as the price of inputs and commodities jump.

That's not to say steel demand is falling, because it's not. But the slowly rising demand doesn't guarantee rising profits, as the industry is experiencing at this time. A number of weak economies around the world could also cut into demand if steel prices and products rise to prohibitive levels.

There's no way to spin the outlook for the steel industry in a positive manner. The industry will struggle for years, even in the midst of better demand, as it attempts to work out the balance between steel demand, rising inputs, and ability for companies and countries to afford price increases from the producers.

ArcelorMittal closed Thursday at $36.50, gaining $0.39, or 1.08 percent. Nucor ended the session at $46.15, falling $0.33, or 0.71 percent. China Precision Steel, Inc. closed at $1.55, up $0.01, or 0.65 percent. Commercial Metals Company closed at $16.47, rising $0.04, or 0.24 percent.