BofA/Merrill Lynch Downgrades CONSOL Energy (CNX) to Neutral

BofA/Merrill Lynch downgraded CONSOL Energy (NYSE: CNX) from Buy to Neutral with a price target of $40.00 (from $41.00) on a weaker energy price outlook.

Analyst Timna Tanners said a more modest long-term gas price to $4.70/MMBtu, closer to the forward curve, vs a prior $5.50, drops their gas NAV to $4.4B from $6.9B. "Even assuming a generous trough environment 10x fwd EBITDA on its coal business, we cannot justify more than a $40 PO," she said.

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 $37.45 yesterday.

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