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UPDATE: Davenport Upgrades Walter Energy to Buy on Met Coal Strength

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Davenport raised its rating on Walter Energy (NYSE: WLT) from Neutral to Buy and established a $42 price target.

Davenport noted, "The upgrade is based on our view that WLT's valuation multiple will peak in 2013, driven by a recovery in met coal prices. We expect a rebound in met prices will drive improved investor sentiment towards WLT. This should propel its multiple to peak levels as investors anticipate higher met prices driving significant earnings growth in 2014."

Walter Energy closed at $36.34 on Monday.

Latest Ratings for WLT

DateFirmActionFromTo
Oct 2014BB&T CapitalDowngradesHoldUnderweight
Oct 2014FBR CapitalMaintainsMarket Perform
Oct 2014Bank of AmericaMaintainsUnderperform

View More Analyst Ratings for WLT
View the Latest Analyst Ratings

Posted-In: DavenportAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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