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Warrior Met Coal Inc (NYSE:HCC), a U.S.-based producer of and exporter of coal for the steel industry, has seen its stock gain more than 70 percent over the past year. There's still room for more upside, according to Citi.
The Analyst
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Citi's commodities analyst upgraded Warrior Met Coal's stock to Buy (high risk) with a $33 price target.
The Thesis
Citi's global commodity team of analysts have set a met coal price target of $173/t in 2018 and $138/t in 2019. This bodes well for Warrior Met Coal as the stock is trading on a 23 percent free cash flow yield on this basis (ranges from 15 percent at $125/t to 39 percent at $225/t). Investors can expect this cash to be allocated towards shareholders, the analysts wrote.
Price Action
Shares of Warrior Met Coal were trading higher by 2 percent at $30.98 Thursday afternoon.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.