Davenport Raises Estimates on Coal Producers, Boosts Price Targets on WLT, CNX, FCL
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Davenport raises estimates and prices targets, while maintaining their Buy ratings, on Walter Industries Inc. (NYSE: WLT) ($105 to $116), CONSOL Energy Inc. (NYSE: CNX) ($110 to $125), Foundation Coal (NYSE: FCL) ($84 to $98).
The firm raised estimates, but maintained their Neutral ratings on Alpha Natural Resources Inc. (NYSE: ANR), Massey Energy Co. (NYSE: MEE), International Coal Group, Inc. (NYSE: ICO), James River Coal Co. (Nasdaq: JRCC).
Davenport is raising their earnings estimates for the US coal producers to incorporate higher price assumptions on unpriced tonnage for 2008-10.
The firm notes that the coal stocks have pulled back slightly, which they said presents an attractive entry point.
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