UPDATE: Morgan Stanley Initiates Coverage On Foresight Energy LP On Low Cost Growth Story

Loading...
Loading...
In a report published Monday, Morgan Stanley analyst Evan L. Kurtz initiated coverage on
Foresight Energy LPFELP
with an Overweight rating and $24.00 price target. In the report, Morgan Stanley noted, “We are initiating coverage of Foresight Energy LP (FELP) at Overweight with a $24/t price target. Units offer ~20% upside plus ~6.7% annual yield. As a largely longwall operator, Foresight (an MLP) is one of the lowest-cost producers of bituminous coal in the US. The company mined ~19 mt of Illinois Basin thermal coal in 2013, which we estimate could grow to ~25 mt by 2015 and ~53 mt by 2020, with further upside thereafter.” Foresight Energy LP closed on Friday at $20.20.
Posted In: Analyst ColorInitiationAnalyst RatingsEvan L. KurtzMorgan Stanley
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...