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Fly News Breaks for August 19, 2019
Aug 19, 2019 | 07:31 EDT
JPMorgan analyst John Bridges downgraded Peabody Energy (BTU) to Neutral from Overweight, saying coal stock prices have fallen well below his and the Street's price targets based on long-term value, and cites the rising risk of recession for the downgrade as he feels better entry points could develop. The analyst, who also downgraded Alliance Resource Partners (ARLP), lowered his price target to $30 from $35 to highlight the potential of the coal stocks to deliver a tobacco-like recovery on the basis that while the sector's products are unpopular they are still needed.
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