Nomura Securities Maintains a 'Buy' on CONSOL Energy (CNX);

Nomura Securities maintains a 'Buy' on CONSOL Energy (NYSE: CNX) price target of $45.00.

Analyst, Curt Woodworth, said, "We e are reducing our EPS estimates for Consol for 2012 to $1.65 (was $1.69 vs Street at $1.72) and 2013 to $1.40 (was $1.60 vs Street at $2.10) to reflect weaker fundamentals in the Atlantic Basin coking coal market as well as recent pressure on lower quality spec coking coals into Asia. The LV coking coal segment is likely to experience greater volatility over the coming quarters as European demand remains weak and the recent collapse in spot prices to $181/tonne (per Platt’s Peak Down price) suggests greater downside to benchmark prices in the medium term. The gas business continues to perform very well both from a production and cost perspective. Success with Utica drilling results as well as the liquids rich part of the Marcellus will be critical to unlocking NAV value inherent at Consol, in our view. The key question is that does an improving gas market trump a weaker coal market and do investors place more value on a NAV-based valuation thesis or on near-term earnings levels and growth rates, which are likely to remain weak."

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 $28.46 yesterday.

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