Nomura Securities on Metals & Mining: Buy ANR, CNX, Avoid PCX & ACI

Nomura Securities on Metals & Mining: Coal sector monthly update; Buy Alpha Natural (NYSE: ANR) & CONSOL Energy (NYSE: CNX); Avoid Patriot Coal (NYSE: PCX) and Arch Coal (NYSE: ACI).

Analyst, Curt Woodworth, said, "It has been difficult to bottom fish in coal over the past several months as investors struggle to ascertain sustainable EBITDA capabilities going forward following structural dislocation of thermal coal by natural gas. Our Buy rated coal stocks include ANR and CNX, both of which have significant earnings leverage to premium coking coal grades and exposure to low cost NAPP thermal operations. We continue to avoid PCX and ACI and reiterate our Reduce ratings. Valuations of both companies are very stretched with significant EBITDA exposure to low quality met coals."

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