Barclays Maintains an 'Overweight' on CONSOL Energy (CNX); Cutting Estimates as Pain Continues

September 5, 2012 1:58 PM EDT Send to a Friend
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Price: $34.78 --0%

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    14 Buy, 7 Hold, 0 Sell

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Barclays maintains an 'Overweight' on CONSOL Energy (NYSE: CNX) price target of $34.00.

Analyst, David Gagliano, said, "Our channel checks in recent weeks have led us to conclude the metallurgical coal markets are in worse condition than most investors expect, with risk of yet another round of significant downward estimate revisions increasingly likely, and we believe CNX's news is yet another reminder of the severe pain facing the US coal producers. To this end, while underlying prices have collapsed to 'marginal cost' levels, we maintain our view it is still too early to buy the coals in a meaningful way, until prices stabilize and until estimate revisions catch up with the ongoing rapid deterioration in the met coal markets."

Q3 cut from $0.26 to $0.21 and FY12 EPS estimate lowered from $1.29 to $1.21.

For an analyst ratings summary and ratings history on CONSOL Energy click here. For more ratings news on CONSOL Energy click here.

Shares of CONSOL Energy closed at $28.83 yesterday.


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