Jefferies Starts Peabody Energy (BTU) at Buy

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Jefferies initiates coverage on Peabody Energy (NYSE: BTU) with a Buy. PT $65.00.

The firm said, "We believe Peabody's valuation reflects a bearish outlook for both U.S. and global seaborne coal fundamentals. We remain confident that such a view is unfounded." The firm said there is excessive skepticism with regard to the sustainability of current PRB prices. As skepticism abates, they expect BTU shares to trade higher.

For more ratings news on Peabody Energy click here and for the rating history of Peabody Energy click here.

Shares of Peabody Energy closed at $45.79 yesterday, with a 52 week range of $41.20-$73.95.

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