Seaport Global Securities Starts CNX Coal Resources LP (CNXC) at Buy
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Seaport Global Securities initiates coverage on CNX Coal Resources LP (NYSE: CNXC) with a Buy rating and a price target of $23.00.
Analyst Mark Levin commented, "We are initiating coverage of CNX Coal Resources with a Buy rating and $23 price target. Our price target assumes the shares trade to yield 9% our 2017E distribution of $2.05/unit, or the equivalent of 6.5x our 2017 EV/EBITDA expectation. In our view, there are few US coal companies better positioned to take advantage of a slowly improving domestic thermal market and strengthening export fundamentals. In our view, CNXC has some of the lowest cost, highest-Btu and most transportation-advantaged coal in the eastern US. We also think it has more distribution growth visibility than any other US coal MLP."
Shares of CNX Coal Resources LP closed at $17.25 yesterday.
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