Warrior Met Coal initiated with a Neutral at UBS

UBS initiated coverage of Warrior Met Coal with a Neutral rating and $68 price target. The firm believes the valuation reflects a robust near-term outlook for met coal, but expects low volume HCC prices to moderate in 1H24 on the expected normalization of Australian supply, with further rebalancing of the met coal markets by 2025, the analyst tells investors in a research note.