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Global Hunter Securities initiated its coverage on Alliance Resource Partners LP
ARLP with a Neutral rating and a price target of $68 a share.
Global Hunter Securities noted, "Potential catalysts that we think could add value to ARLP's units include the successful start-ups of its: 1) Tunnel Ridge Mine, which should reach capacity in 2013; 2) Gibson South Mine, which should initiate production in 2014 and reach capacity in 2015; and 3) White Oak, which should initiate production late 2013 and reach capacity 2015. … We value the shares using its median three year yield (6.31%) and EV/EBITDA multiple (5.0). This provides values of $74 and $63, which we average to $68/unit."
Alliance Resource Partners LP closed at $67.01 on Wednesday.
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