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UPDATE: Imperial Capital Upgrades Westmoreland Coal Company to Outperform, Raises PT

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In a report published Friday, Imperial Capital upgraded its rating on Westmoreland Coal Company (NASDAQ: WLB) from In-Line to Outperform, and raised its price target from $7.00 to $13.00.

Imperial Capital noted, “Upgrading our rating on WLB shares to Outperform on higher EBITDA and free cash flow yield. Westmoreland reported 3Q12 results on 10/25/12, with significant improved coal segment results ($34mn in EBITDA, record 6mn tons of shipments, record EBITDA per ton of $5.76). Cash cost per ton in the coal segment declined 32% sequentially to $17 from $25 and net income of $7.3mn and EPS of $0.52. We are raising our 2012 and 2013 adjusted EBITDA estimates to $125mn and $144mn, respectively, from $119mn and $128mn, and EPS to ($0.31) and $1.16 from ($0.64) and ($0.07), respectively. Our estimates assume adjusted EBITDA per ton of $5.30 and annual production of 24mn tons.”

Westmoreland Coal Company closed on Thursday at $9.94.

Latest Ratings for WLB

Nov 2016Seaport GlobalInitiates Coverage OnBuy
Feb 2016Forward ViewDowngradesStrong BuySpeculative Buy
Sep 2015FBR CapitalInitiates Coverage onOutperform

View More Analyst Ratings for WLB
View the Latest Analyst Ratings

Posted-In: imperial capitalAnalyst Color Upgrades Analyst Ratings


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