Jefferies Downgrades Peabody Energy (BTU) to Underperform; $2 PT

Jefferies downgraded Peabody Energy (NYSE: BTU) from Hold to Underperform with a price target of $2.00.

Analyst Christopher LaFemina highlighted:

• The price of natural gas in the US fell dramatically and drove the coal price down with it. A material recovery in coal prices is now unlikely in the near/medium-term.
• Coking coal prices have weakened more than expected due to weak Chinese steel markets. We do not expect Chinese steel markets to recover this year or next.
• The stronger US$ has effectively pushed US coal producers out of the seaborne market.

For an analyst ratings summary and ratings history on Peabody Energy click here. For more ratings news on Peabody Energy click here.

Shares of Peabody Energy closed at $5.33 yesterday.

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