Shares of Patriot Coal (NYSE: PCX - News) are soaring 3% after Goldman Sachs upgraded the stock to "conviction buy" from "neutral" while raising its price target on the stock to $29 from $28, citing valuation and Patriot's exposure to higher thermal coal prices. In fact, Goldman upgraded the U.S. coal sector to "attractive" from "neutral," citing the same catalysts, but the news isn't helping the Coal Stocks Index, which is down 0.3%.
Shares of Peabody Energy (NYSE: BTU - News), the largest U.S. coal producer, are up half a percent after Goldman upgraded that stock to "buy" from "neutral" while raising its price target on the stock to $75 from $74, citing Peabody's international thermal coal exposure and organic growth. Missouri-based Peabody has seen its shares slide 8% in the past month.
Shares of Consol Energy (NYSE: CNX - News), the second-largest U.S. coal producer, are fractionally higher, after Goldman raised its rating on that name to "neutral" from "sell" while boosting its price target on the stock to $59 from $49, implying substantial upside from where the shares currently trade.
Walter Energy (NYSE: WLT - News) is off 2% after Goldman pared its rating on that name to "neutral" from "buy" while slashing its price target on the stock to $140 from $157. Even the lower price target implies significant upside from where Walter currently trades. Arch Coal (NYSE: ACI - News) is off 1% while Alpha Natural Resources (NYSE: ANR - News) and Cloud Peak Energy (NYSE: CLD - News) are fractionally lower.
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