Davenport Downgrades Alpha Natural Resources (ANR) to Neutral
More News related to ANR
- Citi Initiates Coverage on Alpha Natural Resources (ANR) with a Hold
- Top 15 For 2008 (No. 14): M&A Wreckage
- Alpha Natural Resources Donates $25,000 to The Nature Conservancy's Clinch Valley Program
- Davenport Downgrades Alpha Natural Resources (ANR) to Neutral
- Morning Movers 12/03: Constellation Energy (CEG) Jumps On Alternative Bid From EDF, Schlumberger (SLB) Down On Warning
More News related to Downgrades
- Sterne Agee Downgrades World Acceptance Corp. (WRLD) to Neutral
- B. Riley Downgrades Trustmark (TRMK) to Sell
- B. Riley Downgrades Big 5 Sporting Goods (BGFV) to Neutral
- Sterne Agee Downgrades Suntrust Bank (STI) to Neutral
- Lazard Downgrades Allergan (AGN) to Hold
Davenport downgrades Alpha Natural Resources (NYSE: ANR) from Buy to Neutral.
Davenport analyst says, "Based on our revised estimates, ANR is trading at 0.9x and 2.2x on our respective 2009 and 2010 EBITDA estimates. Given the increased uncertainty and lack of visibility that has developed over the last few weeks and the company’s status as the high-cost producer in Central Appalachia in a declining price environment, we are reluctant to recommend ANR shares at this time, but note that a 3.5x EV/EBITDA multiple applied to our revised 2010 estimate would imply a $22 stock price."
Alpha Natural Resources, Inc. is an Appalachian coal supplier.
Related Categories
DowngradesStocks Mentioned
-1.22Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
