Arch Coal jumps 6% as analyst initiates post-bankruptcy Buy rating
Arch Coal (ARCH), which emerged from bankruptcy less than a week ago, jumped Monday after research firm Stifel initiated coverage of the stock with a Buy rating. STIFEL SAYS ASSETS INTACT: Stifel analyst Paul Forward started coverage of Arch Coal with a Buy rating and $81 price target Monday after its October 5 bankruptcy exit. The company managed to keep its asset base "largely intact" while cutting debt to $363M from $5.15B, the analyst says. Arch is also emerging at a time of "sharply higher" prices for most coal, Forward notes, with production cuts among its U.S. competitors leaving it now the largest producer of metallurgical coal. PRICE ACTION: Shares of Arch Coal finished Monday up 5.98% to $65.39.