American Resources initiated with a Buy at EF Hutton

EF Hutton initiated coverage of American Resources with a Buy rating and $5 price target. American is “transforming into a viable innovative refinery of critical metals and rare earth minerals” with its ReElement Technologies business for electrification of electric vehicles and related infrastructure markets, the analyst tells investors. American also has metallurgical coal mining and operations, American Carbon, which is being separated via a special dividend to shareholders this month and could potentially be fully divested later this year, the analyst noted.