UPDATE: Global Hunter Securities Initiates Coverage on Alpha Natural Resources

According to a research report published this morning, Global Hunter Securities has initiated Alpha Natural Resources

with a Neutral rating. In the report, Global Hunter Securities said, "We are initiating coverage of Alpha Natural Resources with a Neutral rating and no price target. Its EV/EBITDA multiple has averaged 7.1x over the last three years, which would generate a $21 share price when applied to our 2013 estimated EBITDA. However, in view of the fact that we project it will have a net loss over the next 1-2 years, we are not assigning a price target at this time." Alpha Natural Resources is currently trading at $10.16.