Thursday May 31, 10:02 am Eastern Time
Press Release
SOURCE: Friedman, Billings, Ramsey & Co., Inc.
FBR Initiates Coverage on Arch Coal, Inc.
biz.yahoo.com
ARLINGTON, Va., May 31 /PRNewswire/ -- Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news), today initiated coverage on Arch Coal, Inc. (NYSE: ACI - news) with a ``Buy'' rating and an 18-month price target of $57 per share.
In the 34-page report, Senior Energy Analyst David Khani, CFA, identified Arch Coal as the second-largest coal mining company in the United States, and said the company is well-positioned to benefit from higher spot coal prices over the next three years as fixed contracts expire or get marked-to-market. Arch Coal is a dominant supplier of low-sulfur coal, the demand for which has grown with the implementation of Phase II of the Clean Air Act in January 2000. Mr. Khani said he expects coal demand could jump from 1 percent to 5 percent per year between 2001-2005. |
