Market Overview

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

Related CNX
Is the Coal ETF Ready for a Rebound? - ETF News And Commentary
CONSOL's Q1 Production Update - Analyst Blog

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.

Posted-In: DavenportAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Most Popular

Related Articles (CNX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free