Davenport Upgrades Alpha Natural Resources (ANR) to Buy
More News related to ANR
- Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Foundation Coal Holdings, Inc. -- FCL
- Alpha Natural Resources, Inc. Commences Consent Solicitation to Amend Indenture Governing Foundation PA Coal Company, LLC's Outstanding 7 1/4% Senior Notes Due 2014
- Alpha Natural Resources and Foundation Coal Holdings Announce Expiration of HSR Waiting Period for Proposed Merger
- Alpha Natural Resources and Foundation Coal Holdings Set Record Dates and Meeting Dates for Proposed Merger; Notice of Conversion Right for Alpha Convertible Senior Notes due 2015
- Alpha Natural Resources Awards Nearly $100,000 in First Round of High School Scholarship Initiative
Davenport upgrades Alpha Natural Resources (NYSE: ANR) from Neutral to Buy. Price target $80.
Davenport analyst says, "Paradoxically, the upgrade in rating is being made simultaneously with a reduction in our earnings estimates, and is driven by two primary considerations: 1) an assessment that as the market has so significantly discounted the possibility of the previously announced merger with Cleveland-Cliffs being consummated on proposed terms, that any announcement of a terminated transaction should not negatively impact the stock price; and 2) a belief that, like many of its coal producer peers, the approximately 40% decline in share price that we have witnessed in ANR stock since 7/15/08 represents an unwarranted overcorrection relative to our assessment of the intervening change in industry fundamentals, which we believe peaked around the beginning of July."
Alpha Natural Resources, Inc. is an Appalachian coal supplier.
Related Categories
UpgradesStocks Mentioned
+4.80Related 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!
