Market Update: Wall Street Analysts Take On CNX Coal Resources

Thermal coal producer CNX Coal Resources LP CNXC was introduced to the New York Stock Exchange on July 1. The company was formed by CONSOL Energy Inc CNX. The coal producer offered 5 million of its common shares to the public at the price of $15 per unit.

The stock has been up and down since its IPO, but has not moved too much from its initial $15 per common share. Many Wall Street analysts initiated coverage on the new stock Monday:

Goldman Sachs: Neutral and price target of $17.
JP Morgan: Overweight; PT of $18.
Bank of America: Buy; PT of $17.
Citigroup: Buy; PT of $20.
Credit Suisse: Outperform; PT of $22.
Cowen Group: Outperform; PT of $17.
Jefferies Group: Hold; PT of $14.50.
Stifel Nicolaus: Buy; PT of $19.

SUMMARY: 3 Buy, 2 Outperform, 1 Overweight, 1 Neutral, and 1 Hold rating; Price target range $14.50 - $22.00.