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UPDATE: Goldman Sachs Reiterates on Alpha Natural Resources on Lowered EBITDA Estimates


In a report published Wednesday, Goldman Sachs analyst Neil Mehta reiterated a Neutral rating on Alpha Natural Resources (NYSE: ANR), but lowered the price target from $9.00 to $8.00.

In the report, Goldman Sachs noted, “We lower our 2014-2016 EBITDA estimates to $419/$495/$622 mn from $428/$526/$655 mn, reflecting lower realized pricing for ANR's PRB business. We reduce our 6-month price target to $8 from $9 reflecting lower estimates, while still using a 7.0x EV/EBITDA multiple on normalized earnings. While still well below consensus, we stay Neutral-rated on ANR given (1) the potential for $200 mn in cost cutting in 2014 relative to 2013, as outlined on the 3Q2013 conference call, (2) high levels of short interest and (3) lower levels of net debt/tangible capital than WLT and ACI.”

Alpha Natural Resources closed on Tuesday at $6.59.

Latest Ratings for ANR

Jun 2015Goldman SachsUpgradesSellNeutral
May 2015Credit SuisseInitiates Coverage onUnderweight
Apr 2015UBSDowngradesNeutralSell

View More Analyst Ratings for ANR
View the Latest Analyst Ratings


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