Goldman Sachs has downgraded its coverage in Coal Stocks this morning. Goldman Sachs is basing this partly on the 30% gains seen, and valuations are stretched.
There were several downgraded from a Neutral rating down to SELL: Arch Coal (NYSE: ACI), Foundation Coal (NYSE: FCL), International Coal Group (NYSE: ICO), and Massey Energy (NYSE: MEE). Two others escaped with a little more dignity, but these were still downgraded to Neutral ratings from Buy: Peabody Energy (NYSE: BTU) and Consolidated Energy (NYSE: CNX).
Jon C. Ogg
February 15, 2008
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