UPDATE: Seaport Global Securities Starts Cloud Peak Energy (CLD) at Neutral
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(Updated - November 2, 2016 10:51 AM EDT)
Seaport Global Securities initiated coverage on Cloud Peak Energy (NYSE: CLD) with a Neutral rating and a price target of $7.
Analyst Mark A. Levin said, "CLD is a pure-play Powder River Basin (PRB) producer that operates three mines, two in Wyoming and one in Montana. The company produces all steam coal; it produces no metallurgical coal. While domestic and export utility coal fundamentals have improved considerably the last several months, shares of CLD have more than tripled since the end of June (CLD = +220%; S&P = +1%), leaving the valuation at levels that we believe are neither outlandishly expensive nor ridiculously cheap. What does 2017 hold for CLD? Candidly, it's still to be determined, which is why we are reluctant to chase the stock."
Shares of Cloud Peak Energy closed at $6.59 yesterday.
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