Peabody price target raised to $32 from $23 at Benchmark

Benchmark raised the firm’s price target on Peabody (BTU) to $32 from $23 and keeps a Buy rating on the shares after the company reported Q3 adjusted EBITDA of $100M, slightly missing the firm’s estimate and consensus of $106M. Looking ahead, the company believes a lot of latent capacity is being taken up by the market and noted improved pricing and additional multi-year commitments would likely be needed before investing in additional production, the analyst added.