UPDATE: Goldman Sachs Downgrades CONSOL Energy to Neutral on Limited Upside to Peers
Goldman Sachs downgraded CONSOL Energy (NYSE: CNX) from Buy to Neutral and raised the price target from $34.00 to $36.00.
Goldman Sachs commented, "We downgrade shares of Consol Energy to Neutral from Buy. We see 19% return potential to our $36 (up from $34), six-month, multiplesbased target price. CNX is -25% since being added to Americas Buy List on August 11, 2011 vs. -58%/+29% other covered coal stocks/S&P 500 respectively. … We believe CNX has outperformed other coal stocks since being added to the Americas Buy List due to a strong balance sheet, less exposure to declines in met coal prices, and diversification via an E&P business with better growth prospects and catalysts. However, we believe CNX lagged the S&P 500 due to its exposure to coal demand and price declines."
CONSOL Energy closed at $30.64 on Friday.
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