Nomura Securities Starts Alpha Natural Resources (ANR) at Neutral

Nomura Securities initiates coverage on Alpha Natural Resources (NYSE: ANR) with a Neutral. PT $20.00.

Analyst, Curt Woodworth, said, "We regard ANR as fairly valued at $20 per share with the stock trading at 6.0x our 2013E EV/EBITDA. Given the structural challenges in CAPP, coupled with significant exposure to the more cyclical metallurgical coal market, we think a reasonable multiple range for ANR would be between 5-7x EV/EBITDA, depending on overall strength in the met market. FY12E/13E revenues $8078m / $8145m; 2012E/2013E EPS ($0.35) / ($1.00).

For an analyst ratings summary and ratings history on Alpha Natural Resources click here. For more ratings news on Alpha Natural Resources click here.

Shares of Alpha Natural Resources closed at $18.45 yesterday.

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