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In a report published Thursday, Morgan Stanley analyst Evan L. Kurtz upgraded the rating on Consol Energy
CNX from Equal-Weight to Overweight, and raised the price target from $37.00 to $44.00.
In the report, Kurtz noted, “Diversified producer of thermal coal, metallurgical coal, and natural gas. Benefits from higher natural gas prices and improved thermal coal demand. Low-cost, NAPP longwall mines keep costs competitive. Well positioned longer term (i.e. post-MATS) as a low cost, NAPP producer. Upside optionality from bottoming metallurgical coal market as well. Gas business positioned for growth, but execution is important. Focus on developing Marcellus and Utica shales. Noble & Hess JVs help address execution risk.”
Consol Energy closed on Wednesday at $33.49.
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