Jefferies Upgrades CNX Coal Resources LP (CNXC) to Buy
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Jefferies upgraded CNX Coal Resources LP (NYSE: CNXC) from Hold to Buy with a price target of $22.00.
Analyst Christopher LaFemina commented, "CNXC is a US coal MLP. While CNXC does not have high exposure to the seaborne coal, its exports are likely to grow in response to high seaborne prices. CNXC's annualized distribution yield is 11.5%. O n our estimates, this distribution is fully covered for the next four years. As investors begin to believe in the sustainability of relatively high coal prices, we would expect the CNXC share price to go higher. "
Shares of CNX Coal Resources LP closed at $19.90 yesterday.
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