Benchmark lowered the firm’s price target on Peabody Energy (BTU) to $23 from $26 and keeps a Buy rating on the shares. Peabody reported Q1 adjusted EBITDA of $144M, topping the $93M consensus and the firm’s $107M estimate as a strong operating performance led to cost/ton at or below the low end of guidance for each of the company’s segments, the analyst noted. However, Peabody’s recent Material Adverse Change declaration and the potential impact on its purchase of Anglo American’s (NGLOY) met coal assets is “largely overshadowing” Centurion remaining on budget and ahead of its development schedule with Peabody in the early stages of a potential minority sale, the analyst added.
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