Skip to main content

Market Overview

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

Share:

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

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

View More Analyst Ratings for ANR
View the Latest Analyst Ratings

 

Related Articles (ANR)

View Comments and Join the Discussion!

Posted-In: Goldman Sachs Neil MehtaAnalyst Color Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
FSRMorgan StanleyMaintains40.0
NATJefferiesMaintains2.8
MEDDA DavidsonMaintains302.0
VICRBWS FinancialMaintains120.0
PSXMizuhoMaintains96.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com