Deutsche Bank Starts James River Coal (JRCC) at Buy; Met Addition Aids Outlook; Long-Term Leverage to Broader Coal Recovery

Deutsche Bank initiates coverage on James River Coal (NASDAQ: JRCC) with a Buy. PT $27.

Deutsche analyst says, "James River is an Appalachian and Illinois Basin producer that should grow production from 8.9m tons in '10 to 14.4m tons in '12 as a result of its recent acquisition of IRP, demand growth for met coal and a gradual recovery for its legacy thermal operations. We rate James River a Buy given valuation and an improving longer-term earnings outlook. JRCC is trading at 4x ’12E EBITDA and our PT of $27 implies 29% upside."

For more ratings news on James River Coal click here and for the rating history of James River Coal click here.

Shares of James River Coal closed at $21.42 yesterday.

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