Core Natural Resources upgraded to Buy from Hold at Jefferies

Jefferies analyst Christopher LaFemina upgraded Core Natural Resources (CNR) to Buy from Hold with a price target of $125, up from $90. The firm now assumes slow growth in Powder River Basin volumes over the next several years, versus a decline previously, and assigns the shares a higher EBITDA multiple due to the strategic importance of coal for power generation. Core Natural is highly leveraged to U.S. thermal coal markets and should be bought at current share levels, the analyst tells investors in a research note.