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Goldman Sachs lowers its price target on Neutral-rated Arch Coal
ACI to $14 from $18 on lower earnings in the fourth quarter.
Goldman Sachs says, "Three key industry takeaways from management comments: (1) ACI is starting to see signs of utilities substituting natural gas for PRB coal. (2) ACI, like some other coal managements, indicated railroads are reducing rates in an effort to support competitiveness of US thermal and met coal exports and prevent yoy declines. (3) ACI does not believe international met coal contract negotiations are likely to be settled in the next few weeks and expects quarterly contracts given high uncertainty regarding demand."
ACI closed at $14.39 a share on Thursday.
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