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Bank Of America U.S. Coal Q3 2014 Preview

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On Wednesday, analysts at Bank of America offered a third quarter 2014 preview for U.S. coal, expecting another tough quarter.

Timna Tanners thinks met coal fundamentals will not improve until second half 2015, “Weak met coal price tags and transportation challenges should continue to weigh on the domestic coal industry in H2, even as management teams are likely making the tough decision on whether or not to consider additional production cuts.”

Tanners has lowered price targets and EBITDA for entire coal group going into the third quarter.

Walter Energy, Inc. (NYSE: WLT) from $2 to $1; Underperform rating
Arch Coal Inc (NYSE: ACI) from $2.50 to $1; Underperform rating
Alpha Natural Resources, Inc. (NYSE: ANR) from $3 to $1.50; Underperform rating
Peabody Energy Corporation (NYSE: BTU) from $17 to $13; Neutral rating

CONSOL Energy Inc.(NYSE: CNX) is the firm's only Buy rated ($46 price target) name due to its growing gas/liquids output and attractive gas valuation.

Latest Ratings for ACI

DateFirmActionFromTo
Nov 2015Sterne Agee CRTDowngradesBuyNeutral
Oct 2015JP MorganDowngradesNeutralUnderweight
Aug 2015Cowen & Co.DowngradesOutperformMarket Perform

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Posted-In: Bank of America Timna TannersAnalyst Color Analyst Ratings

 

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