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BMO Capital Markets downgraded Peabody Energy
BTU from Outperform to Market Perform and lowered the price target from $30.00 to $22.00.
BMO Capital Markets commented, "BMO Research expects a rebound in met coal pricing, which would potentially benefit Peabody, but the company faces a near-term headwind given relatively high financial leverage and falling margins. Historically, Peabody has traded above the group due to the size and quality of its asset base, geographic diversity (i.e., exposure to Australia), and strong management team. BMO Research expects that premium to persist; however, the current valuation appears to adequately reflect that premium."
Peabody Energy closed at $22.00 on Friday.
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