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Fly News Breaks for October 23, 2019
ARCH
Oct 23, 2019 | 09:40 EDT
BMO Capital analyst David Gagliano raised his price target on Arch Coal to $110 and kept his Outperform rating after its "solid" Q3 results. The analyst believes that the company stands to benefit from a "meaningful met coal volume growth" as Leer South site enters production and a significant long-term free cash flow generation after the Leer South ramp up is completed. Though Gagliano sees slower 2020 buybacks from the incremental investment spending, he sees Arch Coal's free cash flows approaching $300M per year in 2021.
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