UPDATE: Global Hunter Securities Initiates Coverage on Arch Coal
According to a research report published this morning, Global Hunter Securities has initiated Arch Coal (NYSE: ACI) with a Neutral rating.
In the report, Global Hunter Securities said, "We are initiating coverage on ACI with a Neutral rating. We project that ACI will lose money the next 3-6 quarters. Based on its average EV/EBITDA multiple over the last three years of 8.9x multiplied by our 2013 EBITDA estimate it would represent $13.79 per share, but using our more traditional 6.5x multiple would derive $5.08 per share. We are not assigning a price target at this time."
Arch Coal is currently trading at $6.53.
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