UPDATE: Global Hunter Securities Initiates Coverage on Cloud Peak Energy

According to a research report published this morning, Global Hunter Securities has initiated Cloud Peak Energy

with a Neutral rating and $15 PT. In the report, Global Hunter Securities said, "We are initiating coverage of Cloud Peak Energy with a Neutral rating and a $15 price target based on the average of its 2010 and 2011 EBITDA and P/E multiples times our 2013 estimates. Its EV/EBITDA multiple averaged a modest 3.31x, while its average P/E multiple ran 11.1x, which we believe is a little rich for a coal company." Cloud Peak Energy is currently trading at $15.25.