Macquarie Group Downgrades U.S. Coal Sector (ANR, CNC, MEE, PCX, BTU)
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Reports from Actionablecalls, Macquarie Group is downgrading the U.S. coal sector from Overweight to Neutral.
According to the report Macquarie said, "We are downgrading our ratings on the U.S. coal sector to Neutral from Overweight as we believe demand for seaborne metallurgical coal in China is slowing following discussions with Macquarie’s network of global physical coal traders and our commodity team. We have heard from Canadian producers that the Chinese have pushed back on deliveries and there appears to be an absence of new demand in Australia, suggesting that coking coal imports for September and October could fall sharply. The main export markets for U.S. coking coal of Europe and Brazil remain very weak and prices for spot met coal in the Atlantic Basin remain well below the Pacific Basin, limiting upside for U.S. companies."
Alpha Natural (NYSE: ANR) from Outperform to Neutral
CONSOL Energy (NYSE: CNX) from Outperform to Neutral
Massey Energy (NYSE: MEE) from Outperform to Neutral
Patriot Coal (NYSE: PCX) from Outperform to Underperform
Peabody Energy (NYSE: BTU) from Outperform to Underperform
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