UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on CONSOL Energy on Marcellus Drilling, Lower Coal Cash Costs

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, and raised the price target from $50.00 to $53.00. In the report, Deutsche Bank noted, “We reiterate Buy and raise PT $3/sh to $53/sh, with the increase driven by more aggressive Marcellus drilling and lower coal cash costs. Our PT uses an average of NAV and EV/EBITDA multiples based approaches. We apply a 10% discount to the NAV and value 2015E EBITDA at 7.0x for Coal and 8.0x for Gas.” CONSOL Energy closed on Tuesday at $43.93.