Credit Suisse has reviewed forecasts for bulk commodities, reducing near-term metallurgical coal price estimates by -27% for the fourth quarter of 2019 and by -15% for 2020.
Despite the softness, there are no concerns over the company’s balance sheet and it has the flexibility to deal with a prolonged market downturn, in the broker’s view.
Credit Suisse maintains an Outperform rating and reduces the target to $4.00 from $4.60.
Sector: Materials.
Target price is $4.00.Current Price is $2.34. Difference: $1.66 – (brackets indicate current price is over target). If CRN meets the Credit Suisse target it will return approximately 42% (excluding dividends, fees and charges – negative figures indicate an expected loss).
