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Brean Murray raises targets on underestimated Coal Sector..

|Includes:ARCH, BHP, BTUUQ, CLD, ERY, Grande Cache Coal (GACHF), GLD, ICO, KOL, MEE, OIL, PALL, PCXCQ, RIO, RNO, SLV, TCK, USO, VALE, WLT

Brean Murray firmly believes that many investors are underestimating the potential impact of the Australian floods.

ICO target raised to $13 tgt from $9;  PCX upgraded to Buy; MEE tgt to $65 from $55; ANR tgt to $80 from $60; WLT tgt to $161 from $120; JRCC tgt to $30 from $23; CNX tgt to $63 from $50; BTU tgt to $81 from $66; CLD tgt to $23 from $18; and ACI tgt to $23 from $18.

 

He is calling for Coal to soar to well over $300/ton, "these floods have the potential to shut in even more Australian coal production than in 2008 (when spot prices increased from roughly $200/metric ton fob port to well over $300/ton in less than six months)".