- Consol Energy (CNX +4%) is initiated with an Outperform rating and $21 price target at FBR Capital, which says CNX has caught up to and in some cases surpassed the performance of the best E&P producers in Appalachia and has significant unrecognized value in its undeveloped acreage.
- The firm says CNX is one of the best ways to express a bullish view on U.S. natural gas with a free option on global GDP growth through its coal export opportunities, and would accumulate shares at current levels, given their attractive risk/reward profile and long-term potential.