UPDATE: BMO Capital Markets Downgrades Cloud Peak Energy to Market Perform on Share Price Appreciation
BMO Capital Markets reduced its rating on Cloud Peak Energy (NYSE: CLD) from Outperform to Market Perform but raised its price target from $22 to $23.
BMO Capital Markets commented, "Cloud Peak has an excellent position as the lowest-cost producer in the lowest-cost U.S. coal basin coupled with a strong balance sheet and management team. BMO Research's thesis when we upgraded the stock in March was that as the lowest-cost producer in the PRB, CLD could compete at very low natural gas pricing and would outperform peers. Now that natural gas has rebounded and the coal market appears to be strengthening, Cloud will still benefit, but higher-cost peers may now be the outperforming stocks."
Cloud Peak Energy closed at $21.20 on Friday.
Latest Ratings for CLD
|Jan 2017||JP Morgan||Upgrades||Neutral||Overweight|
|Dec 2016||MKM Partners||Initiates Coverage On||Neutral|
|Nov 2016||Seaport Global||Initiates Coverage On||Neutral|
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