UPDATE: Goldman Sachs Upgrades Cloud Peak Energy to Buy on Cost and Balance Sheet Strength
Goldman Sachs upgraded Cloud Peak Energy (NYSE: CLD) from Neutral to Buy and raised the price target from $19.00 to $21.00.
Goldman Sachs noted, "We see 26% return to a $21, six-month, multiples-based price target (from $19) and expect shares to outperform as PRB coal/natural gas prices rise (pattern has held in prior cycles). CLD ranks well on our key themes: (1) CLD is a low cost producer; (2) CLD has a strong balance sheet; (3) while not our base case, we see upside to shares if there is favorable news regarding a West Coast terminal to export coal to Asia."
Cloud Peak Energy closed at $16.72 on Friday.
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