Goldman Sachs Upgrades Peabody Energy (BTU) to Buy

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Goldman Sachs upgraded Peabody Energy (NYSE: BTU) from Neutral to Buy with a price target of $37.00, citing growth with leverage to rising thermal prices.

The firm cited: "(1) Improving China macro data and Newcastle thermal prices should drive greater Street credit for BTU's Australia business (better growth profile than covered US peers). (2) BTU is exposed to our view that PRB-levered stocks should see improved relative performance as PRB prices continue to rise from below cash costs today to mid-cycle by the end of 1H2013. (3) Its valuation given a 9% 3-year EBITDA CAGR screens favorably vs. the coverage group."

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 $23.88 yesterday, with a 52 week range of $22.85-$63.08.

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