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UPDATE: Davenport Upgrades CONSOL Energy to Buy on Assets. Met Coal Pricing Outlook

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Davenport raised its rating on CONSOL Energy (NYSE: CNX) from Neutral to Buy and increased its price target from $33 to $40.

Davenport commented, " The upgrade is based on our view that CNX's valuation multiple will peak in 2013, driven by a recovery in met coal prices and increased focus on the value of the company's E&P assets. We expect a rebound in met prices will drive improved investor sentiment towards CNX. This should propel its multiple to peak levels as investors anticipate higher met prices driving earnings growth in 2014. Additionally, we expect investors to increasingly focus on the value of company's E&P assets as sentiment towards nat. gas improves."

CONSOL Energy closed at $33.27 on Monday.

Latest Ratings for CNX

DateFirmActionFromTo
Aug 2016Bank of AmericaUpgradesUnderperformNeutral
Jul 2016JefferiesMaintainsBuy
Jul 2016KLR GroupDowngradesBuyAccumulate

View More Analyst Ratings for CNX
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Posted-In: DavenportAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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