- Cowen downgrades Alpha Natural Resources (ANR), Teck Resources (TCK) and Walter Energy (WLT) to Market Perform from Outperform, believing improved sentiment in the coal markets (particularly thermal) has led stocks significantly ahead of fundamental improvement.
- The firm thinks investors may migrate to Peabody Energy (BTU) based on favorable exposure to international met operations and an improving PRB market, but see it also near fair value; it favors thermal-focused names Cloud Peak (CLD) and Alliance Resource Partners (ARLP).
- ANR -1.5%, TCK -0.8%, WLT -1.5% premarket.
Alpha Natural, Walter Energy -1.5% premarket as Cowen cuts coal names
Jan 9 2014, 08:29 ET