UPDATE: Goldman Sachs Upgrades Consol Energy on Multiple Positive Factors
In a report published Friday, Goldman Sachs analyst Neil Mehta upgraded the rating on Consol Energy (NYSE: CNX) from Neutral to Buy, and raised the price target from $35.00 to $43.00.
In the report, Goldman Sachs noted, “We upgrade Consol Energy (CNX) from Neutral to Buy given (1) improving cash flow from the coal segment, (2) strong production growth from the E&P segment, driven by higher volumes from its low-cost Marcellus Shale position, (3) potential for asset sales and restructuring that can help investors recognize the SOTP value and (4) a strong financial profile, with industry-leading EBITDA growth and solid leverage metrics.”
Consol Energy closed on Thursday at $34.89.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.