Arch Resources price target lowered to $185 at Jefferies after bridge collapes
The Fly

Arch Resources price target lowered to $185 at Jefferies after bridge collapes

Jefferies analyst Christopher LaFemina lowered the firm’s price target on Arch Resources to $185 from $190 and keeps a Buy rating on the shares following this morning’s tragic bridge collapse in Baltimore. The Port of Baltimore ships about 22M tons of coal per year, of which 7M-8M tons is met coal, and Arch exports about 4.5M tons of met coal per year via Curtis Bay, the analyst tells investors. While acknowledging that the supply shock should be supportive of met coal prices, the firm lowered its Arch estimates based on reductions to its forecasts for shipments.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App