Core Natural Resources initiated with a Hold at Jefferies

Jefferies initiated coverage of Core Natural Resources (CNR) with a Hold rating and $93 price target The firm says Core is unique in the U.S. coal sector as it has a U.S.-only asset base that has a large and growing exposure to seaborne metallurgical coal markets, a large exposure to high-quality seaborne thermal coal markets, and significant exposure to the domestic U.S. thermal coal market. Jefferies expects the shares to perform well during periods of rising coal prices, but sees better value elsewhere in its U.S. coal coverage for now.