Goldman Sachs Ups Forecasts for Coal Prices; Ups Targets On ANR, ACI, CNX, MEE, PCX, BTU

March 10, 2010 11:53 AM EST
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    4 Buy, 16 Hold, 8 Sell

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Goldman Sachs raised their benchmark forecast for Asia hard coking coal to $200/MT from $180/MT for 2010, to $180/MT from $160/MT for 2011, and to $160 from $133 for 2012.

The firm expect metallurgical coal prices to remain above mid cycle through 2012 as they believe "demand will largely keep pace with capacity additions, leaving spare capacity tight."

The also raised their price targets on select coal names on the higher prices:

  • Alpha Natural Resources (NYSE: ANR) (Buy) to $64 from $58
  • Arch Coal (NYSE: ACI) (Neutral) target to $28 from $27
  • Consol Energy (NYSE: CNX) (Buy) target to $68 from $65
  • Massey Energy (NYSE: MEE) (Neutral) target to $60 from $53
  • Patriot Coal (NYSE: PCX) (Sell) target to $22 from $18
  • Peabody Energy (NYSE: BTU) (Buy) target to $64 from $59

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