As previously reported, Benchmark analyst Mark Levin initiated coverage of Peabody Energy with a Hold rating. While he doesn't think Peabody shares are "especially expensive" following the stock's 71% slide since the beginning of 2019, Levin said "doubts remain" about the company's exposure to the U.S. and global utility coal markets. Though he thinks recently announced plans to eliminate its dividend payment, suspend share repurchases, reduce costs, and discontinue spending on its North Goonyella Mine "are all intelligent moves," Levin views Peabody as a "prove it to me" story that will require at least several quarters of solid execution to sway investors.