Analyst Comments

Goldman Sachs removed Sappi Limited (NYSE: SPP) from its Conviction Sell List, but maintains a Sell rating.

The firm raised FY2010 and 2011 EPS estimates to breakeven and $0.25 from -$0.10 and +$0.20, respectively, primarily to reflect stronger margins in FY4Q2009 and flow through of structural cost reductions, which they expect will be partially offset by variable cost inflation.

Deutsche Bank maintains a 'Buy' on Dick's Sporting Goods (NYSE: DKS), price target increased from $25 to $29.

Deutsche analyst says, "Industry sales trends were better in 3Q than in 2Q and supplier commentary followed the same pattern. For instance, industry sales are tracking up 0.3% in 3Q compared to down 3.1% last quarter. Similarly, Under Armor's (NYSE: UA) sales grew 16% versus 5% last quarter, and North Face was up 10% versus 4%. Couple this with stable to easier comparisons and we believe 3Q09 comps should improve versus 2Q, leading to our increase in EPS estimates.

"Based on improving indicators, we are increasing our estimate to $0.08 from $0.06 while consensus is at $0.07 and guidance was $0.04 - $0.07. Our model is now predicated on a comp decline of 1.5%, which is better than guidance of down 3%-5% and consensus of about a 3.0% comp decline. For the year, we are now at $1.14 versus consensus of $1.09 and guidance of $1.02 - $1.07."

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Dick's Sporting Goods, Inc., a sporting goods retailer, together with its subsidiaries, offers sporting goods equipment, apparel, and footwear for men, women, and children.

Goldman Sachs added Cytec Industries Inc. (NYSE: CYT) to their Conviction Sell List, saying the risk/reward profile is unfavorable versus other specialty chemical stocks following its recent share outperformance. The firm set a downside $31 price target.

The firm said the bleak outlook for the late-cycle aerospace industry will continue to pressure Cytec's high-margin Engineered Materials franchise. The firm also sees economic uncertainties in Europe, which covers 40% of the company's total sales.

Analysts at FBR Capital are recommending that Chesapeake Energy (NYSE: CHK) take bold steps to address the value disconnect in the shares, which they say is not operations-related. The firm is recommending an IPO/spin-off of a major asset such as Fayetteville and/or the sale of a substantial portion of its conventional assets in one fell swoop.

The firm notes that Chesapeake is trading at a significant discount to the 3P NAV value of $41/share. They suggest this discount is due to a stretched balance sheet and lack of sufficient non-dilutive capital to facilitate the continued transition of the asset base from conventional to unconventional.

FBR also said if the company hedges all its production through 2012 at current futures prices, then the funding gap could decline to only $2.7 billion before asset sales.

The firm believe that in the next 12 months, the company will be able to execute upon some form of the above mentioned ideas. They are reiterating their Outperform rating and $35 price target, which is 85% of 3P NAV of $41 per share.

Canaccord Adams maintains a 'Buy' rating on Silver Wheaton (NYSE: SLW), raises price target to $18.25 from $16.

Canaccord analyst says, "Silver Wheaton reported Q3/09 EPS of $ 0.11 vs. our estimate of $0.10 and consensus of $0.11, with the variance from our estimate explained by a higher realized silver price ($15.14/oz vs. our estimate of $14.75/oz) and lower than expected depreciation and G&A expenses partially offset by lower silver sales. Attributable sales during the quarter were 3.974 Moz Ag and 9,853 oz Au vs. our estimate of 4.506 Moz Ag and 6,086 oz Au. The shortfall in sales was primarily driven by lower attributable silver sales from Luismin, Stratoni and other assets (including La Negra, Mineral, Park and Neves Corvo)."

"Our 2009 sales estimate of 14.97 Moz Ag is below production guidance of 16.0 Moz as it excludes approximately 1 Moz Ag eq attributable production not yet delivered, due to uncertainty regarding the timing of shipments. Our 2009 EPS estimate has been revised to $0.34 (from $0.33) largely due to a higher reported EPS this quarter...Next catalyst: Commercial production from Penasquito (Q1/10)."

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Silver Wheaton Corp. operates as a silver streaming company.