UPDATE: BofA Upgrades Peabody Energy to Neutral, Raises Target to $20

In a note from Monday morning, Bank of America upgraded Peabody Energy Corporation

from Underperform to Neutral and raised the price target from $15.00 to $20.00. The firm's Timna Tanners suggested the new rating was based on the belief most if not all negative items related to the company are known and already priced into the stock. Tanners believes this has created an opportunity for more positive news to make itself known and become priced into the stock, leading to price appreciation. Tanners sees expectations as conservative, but said estimates could be promising. Peabody shares are trading down about a half percent heading into the afternoon trading session. The stock last traded at $16.77.