Ramaco Resources price target lowered to $14 from $18 at Benchmark

Benchmark analyst Nathan Martin lowered the firm’s price target on Ramaco Resources (METC) to $14 from $18 and keeps a Buy rating on the shares after Ramaco’s Q1 adjusted EBITDA of $10M missed the $12M consensus and the firm’s $13M estimate. In order to limit low-priced spot sales in this persistently weak market, Ramaco made “the prudent decision” to reduce full-year production and sales guidance by 0.3M tons at the midpoint, but at current prices this should be a net benefit to free cash flow, the analyst tells investors.