Peabody Energy price target raised to $24 from $18 at B. Riley

B. Riley raised the firm’s price target on Peabody Energy (BTU) to $24 from $18 and keeps a Buy rating on the shares. The firm updated the company’s model to better reflect its earnings potential on a standalone basis. While Peabody’s termination of its purchase agreements with Anglo American brings uncertainty in the medium term, the shares are still positioned to move higher as domestic power demand and a more favorable regulatory backdrop serve as tailwinds the company’s thermal business, the analyst tells investors in a research note.