UPDATE: Dahlman Rose Upgrades Alpha Natural Resources to Buy

Dahlman Rose upgraded Alpha Natural Resources ANR from Hold to Buy and announced a $12.00 price target. Dahlman Rose said, "We are upgrading shares of ANR… to Buy from Hold based on improvements in reported pricing, potential global supply issues, and a shift in steel inputs and margins. Specifically, we look to spot prices rising above the quarterly benchmark, potential supply issues in Mongolia, production cuts taking shape in the US, and continued strength in Chinese demand as catalysts to move the stocks higher. That said, our bullish met coal call is not a 4Q12 earnings call. We are looking through what we expect to be tempered commentary from coal companies during the 4Q12 earnings season." Alpha Natural Resources closed at $9.94 on Tuesday.