Ramaco Resources downgraded to Hold at Jefferies rare earth concerns

As previously reported, Jefferies downgraded Ramaco Resources (METC) to Hold from Buy with a price target of $33, down from $45. While the firm continues to believe that Ramaco is well positioned to benefit from an eventual recovery in met coal prices, it has reduced its estimate for the value of the Brook mine to $18 per share from $30 per share based on the impact of recent fundamental developments in the rare earth element and critical minerals markets, the analyst tells investors.