Davenport Upgrades International Coal Group (ICO) to Buy
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Davenport upgrades International Coal Group (NYSE: ICO) from Neutral to Buy.
Davenport analyst says, "From our vantage point, while there have not been any adverse developments in the macro coal supply/demand picture over the last few weeks to support the correction, we are unable to say how long the bearish sentiment toward energy commodities and equities might persist...We believe that ICO represents an attractive investment opportunity at current levels not only on the basis of EV/EBITDA, but note that the stock is also the cheapest in the sector on the metric of EV/Reserves, and the company has an attractive portfolio of new projects (Beckley, Sentinel, Tygart #1) that are expected to drive production growth in 2009 and beyond."
International Coal Group, Inc. (ICG), incorporated in March 2005, is a producer of coal in Northern and Central Appalachia with a range of mid to high British thermal unit (Btu), low to medium sulfur steam and metallurgical coal.
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