UPDATE: Goldman Sachs Upgrades Cloud Peak Energy to Buy on Cost and Balance Sheet Strength

Goldman Sachs upgraded Cloud Peak Energy 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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