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In a report published Tuesday, Macquarie Capital analyst Luke McFarlane reiterated a Neutral rating on
Arch CoalACI, and raised the price target from $4.50 to $4.90.
In the report, Macquarie Capital noted, “We remain Neutral on ACI and increase our TP to $4.90, from $4.50. ACI is the most levered to PRB price increases from a volume standpoint, with 20%+ of its tons likely to be unpriced into 2014 and large latent capacity in the basin. However assuming ACI remains disciplined with production, ACI's potential earnings benefit for a $1/t increase in PRB prices is 7-10 cents, or 6%.”
Arch Coal closed on Monday at $4.10.
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