UPDATE: BMO Capital Markets Upgrades CONSOL Energy to Outperform on Balance Sheet Strength

BMO Capital Markets upgraded CONSOL Energy (NYSE: CNX) from Market Perform to Outperform and raised the price target from $35.00 to $42.00.

BMO Capital Markets said, "CONSOL Energy is one of the only stocks in BMO Research's coal coverage universe not expected to break covenants at any assumed commodity pricing scenario. CNX's valuation appears attractive relative to peers and its historical norm. CONSOL is exposed to U.S. thermal coal, but as a low-cost producer CNX's production cuts are expected to be minimal. Further transactions in the natural gas business such as JVs or MLP's could also increase free cash flow."

CONSOL Energy closed at $32.12 on Friday.

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