Benchmark analyst Mark Levin initiated coverage of Arch Coal (ARCH) with a Buy rating and $75 price target. The stock's 29% decline over the past three months creates an opportunity, particularly given how negative sentiment is toward coal and how steel demand in key U.S. export markets like Europe and Brazil is showing some early signs of bottoming, Levin tells investors in a research note. Further, the analyst sees a better than 50/50 chance of the Federal Trade Commission not objecting to Arch's proposed joint venture with Peabody Energy (BTU). This "could be a shot in the arm," says Levin.