Deutsche Bank Downgrades CONSOL Energy (CNX) to Sell

Deutsche Bank downgraded CONSOL Energy (NYSE: CNX) from Hold to Sell with a price target of $14.00 (from $27.00). Analyst Jorge Beristain noted the challenging macro outlook.

"We have lowered our 2015-17 EBITDA estimates by 12-22%, primarily on lower E&P and coal realizations (despite already hedged/contracted volumes) and lower coal volumes guidance for 2015, partially offset by SG&A and D&A cost improvements. As a result, our NAV is reduced to $26 (from $36 prior) partially offset by lower capex. PT trimmed to $14 (from $27) based on ~0.6x (0.8x prior) NAV multiple. We downgrade CONSOL to a Sell (from Hold) given potential downside on weakening commodity prices (coal and natgas) and stressed balance sheet amid low operating cash flows," said Beristain.

For an analyst ratings summary and ratings history on CONSOL Energy click here. For more ratings news on CONSOL Energy click here.

Shares of CONSOL Energy closed at $15.26 yesterday.

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